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Question
Which of the following is not an assumption of law of demand?
Options
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
MCQ
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Solution
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.
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