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Answer to Question #43154 in Economics of Enterprise for parvathi

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

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