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6 November, 09:39

If caviar prices doubled, while sales of caviar rose 20%, this example would definitely refute the law of demand. A. TrueB. False

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  1. 6 November, 09:41
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    Answer: False

    Explanation:

    The law of demand says that if the price of a commodity increases then its quantity demanded decreases and vice versa. In this question, the price is increase and the sales are also increasing, if all the other factors are constant then this is definitely refuting the law of demand but as the information about other factors is not given, we can not say that this example is definitely refuting the law of demand.
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