Market Demand refers to the quantity of a commodity that all consumers are willing and able to buy, at each possible price during a given period of time.
The law of demand states the inverse relationship between price and quantity demanded of a given commodity given that all the others factors affecting the demand of that commodity are constant.
Assumptions of law of demand :-
(i) Price of related goods do not change.
(ii) Income of the consumer does not change.
(iii) There is no expectation of change in price in the future.
(iv) Tastes and prefernces of the consumer remain the same.
