the law of demand states that quantity demand of a good is i

the law of demand states that quantity demand of a good is inversely related to the price of that good. Therefore, as the price of a good goes

Solution

The law of demand states that quantity demand of a good is inversely related to the price of that good. Therefore, as the price of a good goes rises, quantity demand of goods falls and when the price of goods falls, the quanity demand for the goods rises.

Assumption of Law of demand:- The Law of Demand is valid only when all other factors determining demand like income of the buyers, price of related goods, tastes and preference of the buyers etc. remain constant.