Business Economics

Which of the following statements correctly defines the Law of Demand?

1. Quantity demanded of a commodity increases with increase in its price, other things remaining constant.

2. Quantity demanded of a commodity decreases with decrease in its price, other things remaining constant.

3. Quantity demanded of a commodity varies inversely with its own price, other things remaining constant.

4. Quantity demanded of a commodity is independent of change in its price.

(A)

(B)

(C)

(D)