Answer:
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
Step-by-step 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.