Practicing Success
Practicing Success
CUET Preparation Today
Which of the following is NOT an assumption of "Law of demand"? |
Taste and preference of a consumer remains constant No change in the income of the consumer Ceteris paribus Prices of the related goods do change |
Prices of the related goods do change |
Law of demand states that ceteris paribus (other things being equal), there is a negative relation between demand for a commodity and its price. In other words, when price of the commodity increases, demand for it falls and when price of the commodity falls, demand rises, other factors remaining same. |
