Question

scale and technology are to be kept constant while studying______ a) law of demand b) low of supply c) price elasticity of demand d) income elasticity of demand​

Answer 1

Answer:

from the above question answer is

scale and technology are to be kept constant while studying the law course

Answer 2

Scale and Technology are to be kept constant while studying the law of demand.

• The law of demand is a very simple and basic law.
• The law of demand states that when the price of a product goes down the demand goes up and when the price of the product goes up the demand goes down.
• For example as a consumer if the price of Thumbs Up goes off of a rational consumer would switch to Pepsi or any other soft drink. There are exceptions to this law as well. The choice of taste and preference of the consumer is also valid. If a consumer wants to have thumbs up a little increase in the price of Thumbs Up would not make him switch to any other soft drink.