Question : Which of the following are the assumptions of the law of Demand?
Option 1: Price remains unchanged
Option 2: Income remains unchanged
Option 3: The price of related goods is changed
Option 4: A change in taste and preferences
Answer (1)
19th Jan, 2024
Correct Answer: Income remains unchanged
Solution :
Following are the assumptions of the law of demand:
1:Prices of the related goods do not change.
2:Incomes of the consumers do not change.
3:The tastes and preferences of the consumers remain constant.
Hence option b is correct.
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