The correct answer is D. All of the above.
The law of demand states that, all other things being equal, the higher the price of a good, the less people will demand that good. Conversely, the lower the price of a good, the more people will demand that good.
In other words, there is an inverse relationship between price and quantity demanded. This means that as price increases, quantity demanded decreases, and vice versa.
The law of demand is a fundamental economic principle that has been observed in many different markets. It is a useful tool for understanding how consumers behave and for making predictions about how changes in price will affect demand.
Here is a brief explanation of each option:
- Option A: Price of commodity is an independent variable. This means that price is the variable that is changed, and quantity demanded is the variable that responds to the change in price.
- Option B: Quantity demanded is a dependent variable. This means that quantity demanded is the variable that changes in response to a change in price.
- Option C: Reciprocal relationship is found between price and quantity demanded. This means that there is an inverse relationship between price and quantity demanded. As price increases, quantity demanded decreases, and vice versa.
I hope this explanation is helpful. Please let me know if you have any other questions.