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:

Ratification

The act of formally approving an agreement or treaty, making it officially valid.

Implied

Refers to something suggested or understood without being explicitly stated or demonstrated.

Minor's Conduct

Legal actions and behaviors that are subject to different laws and standards due to the individual's age being below the age of majority.

Adjudicated Insane

A legal status conferred upon an individual who has been formally deemed by a court to lack the mental capacity to manage their own affairs due to mental illness.