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Question : Law of Demand is a:
(a) Qualitative Statement
(b) Quantitative Statement
 

Option 1: Only A

Option 2: Only B

Option 3: Both A and B 

Option 4: None of the above


Team Careers360 18th Jan, 2024
Answer (1)
Team Careers360 23rd Jan, 2024

Correct Answer: Both A and B 


Solution : The law of demand is not a quantitative law; rather, it is a qualitative one. This is due to the fact that it does not explicitly state how closely the amount demanded and the price relate to one another. As a result, we might say that the law of demand is a qualitative assertion.

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