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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 


Team Careers360 15th Jan, 2024
Answer (1)
Team Careers360 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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