Which of the Following Statements Correctly Defines the Law of Demand

question 91

Multiple Choice

Which of the following statements correctly defines the law of demand?

• A)The lower the price of a commodity,the lower the quantity demanded of that commodity.
• B)As the price of a commodity increases,the quantity demanded of that commodity also increases.
• C)The lower the price of a commodity,the greater the quantity of that commodity that is demanded.
• D)The lower the price of a commodity,the greater the quantity of that commodity that is supplied.
• E)The quantity demanded of a particular good decreases with an increase in the price of a substitute good.

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Definitions:

Binding Agreements

Contracts or legal agreements that are enforceable by law, where all parties must adhere to the terms stated.

Insane Person

An outdated term often associated with individuals suffering from mental illness or incapacity, which impacts their ability to understand or participate in certain legal processes.

Incapacity

A condition where an individual is legally unable to make decisions for themselves due to mental or physical limitations.

Statute of Frauds

A legal principle requiring certain contracts to be in writing and signed in order to be enforceable.