what is demand.. state its assumptions
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Main assumptions of the law of demand are as follows: Prices of the related goods do not change. Incomes of the consumers do not change. Tastes and preferences of the consumers remain constant
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The Law of Demand is based on the following assumption. There should not be any change in the size and composition of the population. Because a change in population will bring about a change in demand even if the price remains the same. The income of consumer should remain constant.
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