State whether the following statement are TRUE and FALSE 5. Law of demand is explained by Prof. Robbins.

State whether the following statement are TRUE and FALSE
5. Law of demand is explained by Prof. Robbins.

ANSWER:

FALSE
The law of demand was postulated by Dr. Alfred Marshall in his book ‘Principles of Economics’. According to the Law of Demand, other things remaining constant, as the price of  a commodity increase, the quantity demanded of it falls and vice-versa.