LAW OF DEMAND

LAW OF DEMAND

Most of us have an implicit understanding of the law of demand. The law of demand is one of the most important laws of economic theory. The law states the nature of relationship between the quantity demanded of a product and its price. According to the law of demand, other things being equal, if the price of a commodity falls, the quantity demanded of it will rise and if the price of a commodity rises, its quantity demanded will decline. Thus, there is an inverse relationship between price and quantity demanded, ceteris paribus. The other things which are assumed to be equal or constant are the prices of related commodities, income of consumers, tastes and preferences of consumers, and such other factors which influence demand. If these factors which determine demand also undergo a change, then the inverse price-demand relationship may not hold good. For example, if incomes of consumers increase, then an increase in the price of a commodity, may not result in a decrease in the quantity demanded of it. Thus, the constancy of these other factors is an important assumption of the law of demand.

Definition of the Law of Demand

Prof. Alfred Marshall defined the Law thus: “The greater the amount to be sold, the smaller must be the price at which it is ouered in order that it may find purchasers or in other words the amount demanded increases with a fall in price and diminishes with a rise in price”.

Goods and Service Tax Book (Updated upto 20th January 2018)

GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate and CA final. 

Also useful for B.Com / M.Com / MBA/ BBA/UPSC/ SSC and Various Govt Exams.!! 

This book is approved by Ministry of HRD Govt.of India as Students friendly book.

Click on link given to Purchase Book-  https://goo.gl/ArNFJx

Author Name- CA Harshita Raichandani and CA Dhananjay Ojha

Unique features of This GST Book.

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5.70+ Value added questions given with answer.

6.16 Chapters fully Coverage given.

7.Definitions of Technical term related with GST is given at one place.

8.Most useful for CA Intermediate/IPCC, CS executive , CWA Intermediate and CA final. ALSO useful for B.Com / M.Com / MBA/ BBA/UPSC/ SSC and Various Govt Exams.

Click on below Link to purchase Student friendly GST Book.

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GST (Goods and Services Tax) Book -A student friendly Book. - Bharat Gurukul

GST Student friendly Book most relevant/Useful for CA Intermediate/IPCC, CS executive , CWA Intermediate and CA final. ALSO useful for B.Com / M.Com / MBA/ BBA/UPSC/ SSC and Various Govt Exams.!! This book is approved by Ministry of HRD Govt.of India as Students friendly book. Author Name- CA Harshita Raichandani and CA Dhananjay Ojha Book […]