ECONOMICS
DEMAND
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following best describes the Law of Demand?
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As price goes down, demand contracts. (and vice versa).
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As price goes down, demand expands (and vice versa).
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As demand goes down, supply expands.
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As demand goes up, price becomes elastic.
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Explanation:
Detailed explanation-1: -Law of demand is a fundamental principle of Economics, it states that quantity demanded is always inversely related to the price of the goods. In other words, with increase in price, quantity demanded will be less and vice versa.
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