State the law of demand and explain its assumptions

The law of demand states that quantity purchased varies inversely with price.

Explanation:

The law of demand states that quantity purchased varies inversely with price.

Law of demand explains consumer choice behavior when the price changes.

The law of demand is a fundamental principle of economics that states that at a higher price consumers will demand a lower quantity of a good.

It means while studying the relationship between the price of a commodity and demand for it, the effect of other determinants of demand on it is assumed to be constant

Explanation:

Assumptions:

-The income of the consumer or the buyer does not change

- Price of the goods remain constant

-Tastes, preferences and the fashion of the buyers does not change.

whats the

answer; dividing net income by 1- t ;