Question

define the term demand as used in Economics what do you mean by the phrase other thing remains the same associated with the law of demand​

Answer 1

Answer:

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Answer 2

Answer:

Hey!

Demand is a desire backed by ability to pay and willingness to pay.

Demand for a commodity refers to the quantity of a commodity which a consumer is willing to buy at a given price, at a given period of time, other factors remaining the same.

Law of Demand :-

Other things remaining the same, when the price of a commodity falls, demand for it expands and when price rises, demand contracts.

‘Other things remaining the same’ is widely known as ‘Ceteris Paribus’

Means determinants other that own price...like technology Govt. Policy and the price of related goods should not change.

Hope this helps you...

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