State and explain the law of demand and explain determinants of demand
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Demand: Demand means various different quantities of commodities or services which a consumer is willing or able to buy at different prices at a particular period of time is known as demand.
Law of demand: other things being constant, "when the price of a commodity rises it results in fall the quantity demanded of that commodity and vice versa."
Determinants of Demand: The following factors determine the demand of a good:
(1) Price of a good, (2) Price of a related goods, (3) Taste and Preferences of a consumer, (4) Population growth, (5) Weather conditions etc.
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