Question

"Law of Demand is a qualitative statement" explain ...

Answer 1

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.

Answer 2

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.