ICSE Class X Economics 2019 Solved Papers

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Question : 21
Total: 40
SECTION - II

State the law of demand.
Solution:  
The law of demand states that other factors being constant, price and quantity demand of any good and service are inversely related to each other. When the price of a product increases, the demand for the same product will fall and the price of a product fall, the demand for the same product will increases.
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