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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
Explain the assumption of law of demand.
✓

Answer

  • The factors are assumed to be constant while explaining the law of demand.
  • The other factors are :
  • Population is constant
  • Income of the consumer is constant
  • Taste and preferences of the consumer are constant
  • Price of substitutes and complimentary goods are constant
  • No speculation about future price.
  • Quality of the commodity is constant.

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