Question

The relationship between the quantity of goods requested and the prevailing price level will give birth to the law of demand:

Question

Write down the legal statement of the request in question, and explain it.

Answer 1

Ans- This statement is true :The relationship between the quantity of goods requested and the prevailing price level will give birth to the law of demand.

Law of demand- Law of demand states that when price of a commodity rises,its quantity demanded will decrease and when the prices of the commodity falls, its quantity Demanded Increases with other factors remain constat(cetris peribus). This means that there is an inverse relation between price and quantity Demanded when we talk about law of demand.