Question

what is meant by ceteris paribus condition in relation to the law of demand​

Answer 1

Answer:

Economists say the law of demand demonstrates that ceteris paribus (all else being equal), more goods tend to be purchased at lower prices. Or that, if demand for any given product exceeds the product's supply, ceteris paribus, prices will likely rise.

Answer 2

Economists say the law of demand demonstrates that ceteris paribus (all else being equal), more goods tend to be purchased at lower prices. Or that, if demand for any given product exceeds the product's supply, ceteris paribus, prices will likely rise.