what is meant by the phrase “other things remaining the same” used by the law?

 By the phrase “other things remaining the same”, law of demand assumes the following:

•     Consumer’s income, tastes and preferences are constant.

 •     Prices of substitutes and complements do not change.

 •     There are no new substitutes for the goods under consideration.

•     People do not speculate on prices. It means that if price of the commodity in question falls, people will not wait for further decline in prices.

 •     The commodity under consideration does not have prestige value.

 

The law of demand will not work as expected if any one of the aforementioned assumptions is violated.