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:

Conform

To act or be in accordance with established rules, standards, or laws.

Express Terms

Specific provisions and clauses explicitly stated in a contractual agreement or legal document.

Past Course

In contract law, this term refers to previous dealings and conduct between parties that establish a pattern of behavior relevant to understanding their current transaction.

Conflict

A serious disagreement, argument, or prolonged struggle between people, groups, or ideas.