Which of the following statement is correct?
I. The relationship between the quantity of a commodity chosen by a consumer and the price of that commodity is called the demand curve.
II. If a consumer's demand for a good is in the same direction as the consumer's income, then the consumer's demand for that good is positively related to its price.
1
Neither I nor II
2
I only
3
II only
4
More than one of the above
5
None of the above