Which of the following is false regarding demand theory ?
1
The Demand theory states that the higher the price of a product is, all else equal, the less of it will be demanded
2
Demand Curve is Upward Sloping
3
Demand theory is helpful in deciding the type of product to be produced
4
Demand is defined as the quantity of good and services that customers are willing and able to purchase during a specified period under a given set of economic conditions.
5
Question Not Attempted