CA Foundation Exam > CA Foundation Questions > Law of demand is a ________a)Quantitative Sta...
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Law of demand is a ________
- a)Quantitative Statement
- b)Qualitative Statement
- c)Both a & b
- d)Hypothetical
Correct answer is option 'B'. Can you explain this answer?
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Verified Answer
Law of demand is a ________a)Quantitative Statementb)Qualitative State...
According to the law of demand , a consumer's demand shares an inverse relationship with the price of a good and vice-versa.
It is the concept of elasticity of demand that explains the proportional relation of the demand and price.
The law of demand is a qualitative statement and not a quantitative statement.
This is because it does not tells us the exact correlation between the quantity demanded and the price.
It does not give us any of the responsiveness in any quantitative terms.
Hence we can conclude that law of Demand is a qualitative statement.
Most Upvoted Answer
Law of demand is a ________a)Quantitative Statementb)Qualitative State...
Law of demand is a qualitative statement not a quantitative because law of demand tells us the direction of change in demand due to change in price but not how much quantity of demand is being changed for the given change in the price hence law of demand is a qualitative statement
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Law of demand is a ________a)Quantitative Statementb)Qualitative State...
It does not give any numerical value but it gives the the attribute of demand that it is inversely related to price.So it is a qualitative statement not a quantitative statement
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Law of demand is a ________a)Quantitative Statementb)Qualitative Statementc)Both a & bd)HypotheticalCorrect answer is option 'B'. Can you explain this answer?
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