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Q3. Which of the following is the relation that the law of demand defines?

a) Income and price of a commodity

b) Price and quantity of a commodity

c) Income and quantity demanded

d) Quantity demanded and quantity supplied​

1 Answer

3 votes

Answer:

price and quantity demanded

Explanation:

law of demand sates that their exist a inverse relationship between the price of the commodity and the quantity of the commodity that will be demanded that means if the price is low then the quantity demanded by the customers will be high and if the price of the commodity is high or we can say the product price is high then the quantity demand by the customers or consumers will be less.

suppose there are two pens of price ten and twenty then the pen of price ten will be in more demand as compared to twenty and the pen which is of price of twenty will be demanded less in the market by the customers or the consumers

User Miguel Frias
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