Question

The law of demand refers to:
(1) Police-cost relationship
(2) Price-supply relationship
(3) Price-income relationship
(4) price demainda relationship​

Answer 1

Option(D)

Price demainda relationship.

As it makes a relationship between demands and the price

ans

Answer 2

The law of demand refers to the relationship between demand and price of a product or service.Hence,the correct answer is option (4) or price demand relationship.

Explanation:

In Microeconomics,law of demand shows the fundamental relationship between the price and demand of any particular product or service.It basically states that for any normal good or commodity,as the price increases its quantity demanded decreases or falls and vise versa.Therefore,law of demand advocates the inverse relationship the quantity demanded of any product or service and its price.It is only concerned with the price demand interaction or relationship.