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State and explain the difference between the law of demand and the law of supply. What does the phrase 'other things equal" mean? Why do we need that?...

State and explain the difference between the law of demand and the law of supply. What does the phrase ‘other things equal” mean? Why do we need that?

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1.Market is consisted with demand and supply. Souce of demand is buyers and source of supply
is sellers. Actually demand and supply is associated with the prices and quantity demand and
quantity...

1 comment
  • please consider my attachment it has figures to make you understand more (GRAPHS)
    • pharrellnellson12
    • Nov 15, 2016 at 3:01pm

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Market is consisted with demand and supply. Souce of demand is buyers and source of supply is sellers. Actually demand and... View the full answer

1 comment
  • Inspite of own price other factors such as income, taste and prefference, complemetary or substitute price, transportation cost, economics situation can affect the quantity demand or quantity supply. In law of quantity demand and supply all these factors except own price are equal to identitify only own price effect. If all these are not considered equal then law of demand and supply does not hold in many cases. Hence first assumption of law of demand and supply is that all other things are equal.
    • hallethompson
    • Nov 15, 2016 at 2:39pm

1.Market is consisted with demand and supply. Souce of demand is buyers and source of supply is sellers. Actually demand and... View the full answer

Market is consisted with demand and supply. Souce of demand is buyers and source of supply is sellers. Actually demand and... View the full answer

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