Business Studies, asked by Kishanagarwal8524, 1 year ago

Explain the law of demand with its assumptions.

Answers

Answered by seemajhafea17

8

THE LAW OF DEMAND SHOWS THE INVERSE RELATIONSHIP BETWEEN OWN PRICE AND QUANTITY DEMANDED KEEPING OTHER FACTOR CONSTANT.

ASSUMPTIONS

1 PRICE OF RELATED GOOD CONSTANT

2 TASTE AND PREFERENCES OF CONSUMER

3 NO CHANGE IN INCOME OF BUYER

4 CONSUMER DO NOT EXPECT ANY CHANGES IN NEAR FUTURE

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