Define law of demand discuss the factors affecting law of demand
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LAW OF DEMAND
The law of demand state that other things being equal quantity demanded increases with a decrease in own price of the commodity and vice versa. In other words, there is an inverse relationship between quantity demanded of a commodity and its own price, other things remaining constant. The term 'other things being equal' emplies that all other determinants of demand, other than own price of the commodity remain constant.
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