Law of Demand is a Qualitative statement. Comment

1.	Law of Demand is a Qualitative statement. Comment
Answer» <html><body><p></p>Solution :<a href="https://interviewquestions.tuteehub.com/tag/law-184" style="font-weight:bold;" target="_blank" title="Click to know more about LAW">LAW</a> of demand is only an indicative, and not a quantitative statement. It indicates only the direction, in which the demand will change with a change in price. It <a href="https://interviewquestions.tuteehub.com/tag/says-1195457" style="font-weight:bold;" target="_blank" title="Click to know more about SAYS">SAYS</a> nothing about the magnitude of such a change. For example, price of Pepsi rises from Rs. <a href="https://interviewquestions.tuteehub.com/tag/10-261113" style="font-weight:bold;" target="_blank" title="Click to know more about 10">10</a> to Rs. 12 per bottle then, as per law of demand, we can say that the demand for Pepsi wall fall. But the law does not give the actual <a href="https://interviewquestions.tuteehub.com/tag/amount-374803" style="font-weight:bold;" target="_blank" title="Click to know more about AMOUNT">AMOUNT</a> by which the demand for Pepsi will decline.</body></html>

Discussion