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Tag: ASSUMPTIONS OF THE LAW OF DEMAND

LAW OF DEMAND

Posted on July 28, 2019 By commerceiets No Comments on LAW OF DEMAND
LAW OF DEMAND

LAW OF DEMAND Law of demand explains the relationship between price of the commodity and its demand. The law states that there is inverse or negative relationship between the demand and price of the commodity, ceteris paribus i.e. other things being constant. It means if the price of the commodity increases, the demand for commodity…

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