A functional relationship is given as follows: Q N = f (P N ) Where Q N stands for quantity demanded of commodity-N and P N stands for the price of commodity-N. The law of demand states that other variables remain consta
CS CSEET · Business Economics & Fundamentals of Accounting and Auditing · PYQS · December 2013
A functional relationship is given as follows: Q N = f (P N ) Where Q N stands for quantity demanded of commodity-N and P N stands for the price of commodity-N. The law of demand states that other variables remain constant, there is an inverse relationship between price of a commodity and its quantity demanded. It means that if —
Answer & Explanation:
Correct Answer: Option (C)
Correct answer: (C) The price of a commodity falls, its quantity demanded will rise.
Topics: Business Economics
Related Questions in this Topic
- Depreciation of rupee would normally result in ______
- Under Production Theory, the expression Q x = f(L,K) represents ______
- Which one of the following is the regulating authority for governing the Insurance companies in India?
- Demographic dividend refers to a phenomenon in which ______
- The fastest rate of growth in terms of income generated has been recorded in the past couple of decades, in the ______