Questions

The Agreement   on   Trade-Related Aspects   of   Intellectual   Property Rights(TRIPS)   is   an international legal   agreement between   all   the member    nations    of    the World Trade  Organization(WTO).  It  sets down  minimum  standards  for  the regulation by national governments of    many    forms    of intellectual property(IP) as applied to nationals  of  other  WTO  member nations.TRIPS  was  negotiated  at the  end  of  the  Uruguay  Round  of the General  Agreement  on  Tariffs and  Trade  (GATT)  in  1994  and  is administered by the WTO

There are certain assumptions underlying the law of demand, which are as follows:

i. Assumes that the consumer’s income remains same

ii. Assumes that the preferences of consumer remain same.

iii. Considers that the fashion does not show any changes, because if fashion changes, then people would not purchase the products that are out of fashion.

iv. Assumes that there would be no change in the age structure, size, and sex ratio of population. This is because if population size increases, then the number of buyers increases, which, in turn, affect the demand for a product directly.

v. Restricts the innovation and new varieties of products in the market, which can affect the demand for the existing product.

vi. Restricts changes in the distribution of income.

vii. Avoids any type of change fiscal policies of the government of a nation, which reduces the effect of taxation on the demand of product.