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Question
Fill in the blank with appropriate alternatives given in the bracket:
The law of demand states ________ relation between demand and price.
Options
direct
total
inverse
positive
Solution
The law of demand states inverse relation between demand and price.
Explanation:
According to the law of demand, the demand for a commodity is inversely related to its price such that if there is an increase in price then the quantity demanded for that commodity will fall and vice-versa.
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