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What factors are covered under ceteris paribus relation to demand of commodity?

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posted Jul 12 by Nway Nadar

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1 Answer

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Thing covered under Ceteris Paribus in relation to demand of commodity are-

  1. Habits, tastes and fashions remain constant.
  2. Income of the consumer does not change.
  3. Prices of related goods remain constant.
  4. Number of buyers remain constant.
  5. The commodity is a normal good and has no prestige or status value.
  6. People do not expect changes in the price.
  7. Price is independent and quantity demanded is dependent.
answer Jul 13 by Anushka
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