Assumptions of Demand | Conditions of law of demand | Economics lectures

Microeconomics in English   

Assumptions of Demand

Conditions of law of demandy

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.