Practicing Success
There is a negative relation between price of a commodity and the quantity demand which is referred as __________. |
Law of supply Law of Demand Law of Production Law of Trade |
Law of Demand |
Law of Demand: Law of Demand states that other things being equal, there is a negative relation between demand for a commodity and its price. In other words, when price of the commodity increases, demand for it falls and when price of the commodity decreases, demand for it rises, other factors remaining the same. |