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Demand — Economics STD 11 Commerce — Question

Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsDemand2 Marks
Question
What is law of demand?
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Answer

  • The law of demand explains the demand for a commodity at different price level.
  • It means it shows the relationship between price and demand.
  • The other factors are assumed to be constant while explaining the law of demand.
  • Law :
  • If other factors remain constant, the demand expands with fall in price and demand contracts with an increase in price.
  • There is inverse relationship between price and demand.
  • The change in price is the reason and the change in demand is the result.

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