CBSE Class 12-commerce Answered
What are the assumptions of law of demand?
Asked by Topperlearning User | 25 Apr, 2016, 10:33: AM
Expert Answer
Main assumptions of the law of demand are as follows:
i. Prices of the related goods do not change
ii. Incomes of the consumers do not change
iii. Tastes and preferences of the consumers remain constant
iv. No expectation to change the price of the commodity in the near future
Answered by | 25 Apr, 2016, 12:33: PM
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