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    • Question : If the price of a commodity rises, the demand for it _______. Option 1: Rises Option 2: Contracts Option 3: Remain constant Option 4: Beco ...
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    Question : If the price of a commodity rises, the demand for it _______.

    Option 1: Rises

    Option 2: Contracts

    Option 3: Remain constant

    Option 4: Becomes negative

    Team Careers360 8th Jan, 2024
    Answer
    Answer (1)
    Team Careers360 15th Jan, 2024

    Correct Answer: Contracts


    Solution : As per the law of demand when the price of a product will increase then demand will Contract and vice versa and other things will remain constant.
    Hence option b is the correct answer.

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