Question

Which of the following is not an assumption of law of demand?

विकल्प

• Price of substitute goods do not change

• Income of the consumers remain same

• There is no change in tastes and preferences of the consumers

• Price of the given commodity does not change

Answer 1

Price of the given commodity does not change

Explanation:

The law of demand examines how quantity demanded changes as the good’s own price changes. The other factors, such as income, related-good prices and preferences, are assumed constant.