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State Exception of law of demand …

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State Exception of law of demand ?

Posted by Jayakrishna Menon 6 years, 11 months ago

CBSE > Class 12 > Economics

4 answers

Sakshi Singh 6 years, 11 months ago

I think Gaurav Seth can give nice response.

Madhu Singh 6 years, 11 months ago

There are certain situations where the law of demand does not apply or becomes ineffective, i.e. with a fall in the price the demand falls and with the rise in price the demand rises are called as the exceptions to the law of demand -Giffen Goods, Veblen Goods,Expectation of Price Change in Future, Change in fashion and Tastes & Preferences, ignorance, emergencies, conspicuous necessities. ???

Jayakrishna Menon 6 years, 11 months ago

Can u tell me what are those exceptions or types of exceptions?

Khushi Jain 6 years, 11 months ago

As we know demand curve slopes downwards,showing the inverse relationship between price and quantity demamded . However in certain circumstances,the reverse may occur i.e.rise in yhe price may increase the demand .These circumstances are known as exceptions to the law of demand.

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