Microeconomics in English
Assumptions of Demand
Conditions of law of demandy
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| Assumptions of Demand | Conditions of law of demand | Economics lectures |
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Economics in English | Economics lectures
Assumptions of Demand | Conditions of law of demand
Economics in English | Economics lectures
Demand VS Want
Law
of Demand explains that when the price of goods increases, the demand for the
goods decreases and vice versa but this does not happen always like this. Sometimes,
we see the things absolutely against it. Why?
The reason
is this that there are many other factors to change the demand for goods as:
Fashion
Weather
Population
Income
Costumes
& Rites
Festivals
etc.
These
are the conditions & assum0ptions of law of demand.
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