Question

What are the assumption of demand curve in business eco?

Answer 1

Law of Demand states the inverse relationship between demand for a commodity and price for a commodity , keeping all other factors constant.

Assumptions:

1) Price of supplementary goods remain fixed.

2) Price of complementary goods remain fixed.

3) Taste and preferences of consumer does not change.

4) Income of the consumer remains the same.

5) There is no expectation of change in prices in the future.

Curve :

The demand curve is downward sloping straight line.

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