How income level must remain constant - law of demand, Managerial Economics

How Income level must remain constant - law of demand

The law of demand operates only when income level of the buyer remains constant. If income rises when the price of commodity doesn't fall, it's quite likely that demand may increase. Thus, stability in income is an essential condition for the operation of the law of demand.

Posted Date: 8/10/2013 1:57:54 AM | Location : United States

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