The basis for the law of demand is related to
a. Law of diminishing marginal utility
b. Law of supply
c. Law of equi-marginal utility.
d. Gossen’s Law.
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Law of Demand is based on the Law of Supply, which defines that the price and the quantity of a material are directly interlinked with each other; means the quantity of supply increases with the increase of its price.
Likewise, Law of Demand is concluded to be an inverse relationship between the price of a thing and its quantity of consumption, which means this quantity decreases with the increase in price.
Likewise, Law of Demand is concluded to be an inverse relationship between the price of a thing and its quantity of consumption, which means this quantity decreases with the increase in price.
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Answer:
Option B is correct answer
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