Law of demand :
Under the same conditions of demand, the quantity of a commodity bought tends to vary e inversely with its price. At a higher price less of the commodity would be purchased and at a lower price more of it will be bought, provided the conditions of demand remain unchanged.
Assumptions of the law are :
People's income, taste, prices of other related goods remain unchanged. No substitute of the commodity being consumed, no expectations of future increase in price.......
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