Question Description
In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer?.

Solutions for In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for UPSC. Download more important topics, notes, lectures and mock test series for UPSC Exam by signing up for free.

Here you can find the meaning of In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice In the law of demand, what does "other things being equal" imply?a)It assumes that all factors affecting demand remain constant.b)It considers only the price of the commodity.c)It takes into account the change in consumers' tastes and preferences.d)It assumes that the supply of the commodity remains constant.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice UPSC tests.