The law of demand includes the statement "other things being equal

Economics May 21, 2021

The law of demand includes the statement "other things being equal. These other things include all of the following EXCEPT A) the price of that good in the law of demand. B) consumers' income. C) consumers' tastes and preferences. Dl the number of potential buyers.

Expert Solution

Answer

A )

Explanation

According to Law of Demand, "Other things being equal as the price of good increases quantity demanded of goods will decreases and vice versa". So, We can say that "Other things being equal" excludes the price of that good itself. The correct option is A "The price of that good in the law of demand".

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