Question #43154
1.Assumptions of Law of Demand
Expert's answer
Assumptions of law of demand:
-There should not be any change in income of consumer
-There should not be any change in Taste ,preferences, habits and fashion of consumers
-There should not be any change in Price of the related commodity
-Population should be constant
-Should not anticipate any price change in the future
-The seasons and climate should not change
-No change in government policy
-Commodity should be normal one
-There should be no change in the population size
-Distribution of income and wealth should be equal
-There should be continuous demand
-There should be perfect competition in the market
-There should not be any change in income of consumer
-There should not be any change in Taste ,preferences, habits and fashion of consumers
-There should not be any change in Price of the related commodity
-Population should be constant
-Should not anticipate any price change in the future
-The seasons and climate should not change
-No change in government policy
-Commodity should be normal one
-There should be no change in the population size
-Distribution of income and wealth should be equal
-There should be continuous demand
-There should be perfect competition in the market
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