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What type of relationship exists between the price of a commodity and its demand?
What type of relationship exists between the price of a commodity and its demand?
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Law of Demand:
\[
\text{Price} \uparrow \Rightarrow \text{Demand} \downarrow
\]
Hence, demand curves are always downward sloping (except rare cases like Giffen goods).
Updated On: Mar 2, 2026
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