law of demand is a qualitative statement ?
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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. ... Hence we can conclude that law of Demand is a qualitative statement.
Answered by
2
Answer:
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.
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