As per the law of demand with all other factors being constant the demand of any particular good dep...........

Economic Affairs Introduction

As per the law of demand, with all other factors being constant, the demand of any particular good depends on which of the following factors?

1. price of the good

2. price of other goods

3. consumer preference

Select the correct answer from the code given below:

1 only

2 and 3 only

1 and 2 only

1, 2 and 3

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Explanation:

The law of demand is a micro-economic law that states, all other factors being equal, as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa. Hence demand of a good only depends on its own price.