Q.

The law of demand is a __________ .

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a

Qualitative Statement

b

Quantitative Statement

c

Both a) and b) are correct

d

Both a) and b) are incorrect

answer is A.

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Detailed Solution

The law of demand is a Qualitative Statement because it does not tell us the exact correlation between the quantity demanded and the price.

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The law of demand is a __________ .