Today we will discuss about concept and assumption of law of demand. First, let us discuss about concept of demand.
Concept of Law of demand
The law of demand states that other things being equal, quantity demanded increases with the decrease in own price of the commodity and vice versa. There is a inverse relationship between quantity demanded and its own price, keeping other things equal. The other thing means all other demand determinants or demand functions except price. Continue reading “Concept and assumption of law of demand”