Question

Quantity demanded varies directly with price. (State whether the statement is TRUE or FALSE)

Answer 1

FALSE

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Answer 2

Answer:

False

Explanation:

Quantity demanded varies directly with price - False

The quantity demanded varies inversely with price in a typical demand schedule. The demand law states that a greater price typically results in a reduced demand price.

As the price of a good rises, the quantity demanded from the good falls, and as the price of a good falls, the quantity demanded from the good rises. Thus, there is thus an inverse relationship between the required price (P) and amount (Qd).