Question

which of the following is not the assumption of the law of demand?​

Answer 1

LAW OF DEMAND

Since, the question doesn't have the options, so here is my answer explaining what law of demand is and what are its assumptions.

Law of Demand :-

Law of Demand states that other things being equal, the demand for a good extends with a fall in its own price and contracts with a rise in its own price. It means that there is an inverse relationship between own price of the commodity and its quantity demanded.

Shortly,

$\footnotesize \: D_{X} = f(P_{X}, P_{r}, Y, T, E)$

Here,

$\footnotesize \: D_{X} = Demand \: for \: commodity \: X \\ \footnotesize \:P_{X} = Own \: price \: of \: commodity \: X$

$\footnotesize \: P_{r} = Price \: of \: related \: goods$

$\footnotesize \:Y = Income \: of \: the \: consumer$

$\footnotesize \: T = Tastes$

$\footnotesize \: E = Expectation \: of \: the \: consumer \: regarding \: change \: in \: price \: in \: future.$

In the words of Marshall, "The law of demand states that amount demanded increases with a fall in price and diminishes when price increases, other things being equal."

Assumptions of Law of Demand :-

1. There should be no change in the price of related goods.
2. There should be no change in the income of the consumer.
3. There should be no change in the tastes and preferences of consumer.
4. The consumer does not expect any change in the price of the commodity in the near future.