Law of demand is explained by Prof. Robbins. (State whether the statement is TRUE or FALSE)
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false, it is not explained by him
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Answer:
False
Explanation:
Law of demand is explained by Prof. Robbins - False
The law of demand was given by Dr. Alfred Marshall in his book the Principles of Economics. The Principles of Economics of Alfred Marshall created a supply-and-demand curve that is still used to show the equilibrium of the economy.
According to the law of demand if a good's price declines, then the good's price demanded rises. In other words, the demand law says that the demand curve is always downward sloping as a function of price and quantity.
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