Question

Difference between between law of demand and elasticity of demand

Answer 1

Law of demand =, keeping others factors constant there is an inverse relationship between price and quantity demanded.
Elasticity of demand = is the measure of responsive of change in quantity demanded with change in price

Answer 2

The phrase other things remain same and it means that consumer taste and preference.

This should identify with consumer and price of the inter-related goods that should identify and remain constant.

In addition to this, the main characteristics include law of demand and show the inverse relationship between price and demand.