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What are the assumptions of law of demand?

Asked by Topperlearning User 25th April 2016, 10:33 AM
Answered by 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 Expert 25th April 2016, 12:33 PM
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