Question

3. Explain the exceptions to Law of Demand.​

Answer 1

Giffen and Veblen goods are exceptions to the Law of Demand. ... The Law of Demand states that the quantity demanded for a good or service rises as the price falls, ceteris paribus (or with all other things being equal). Therefore, the Law of Demand is an inverse relationship between price and quantity demanded.

The price keeps fluctuating until an equilibrium is created. However, there are some exceptions to the law of demand. These include the Giffen goods, Veblen goods, possible price changes, and essential goods.

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Answer 2

Heya....

Law of demand States that ,,, other things remaining constant then there is an inverse relationship between price and quantity demanded of a commodity.....

Exceptions of law of demand:-

ARTICLE OF DISTINCTION

Those articles who generally buys to set up reputation on high prices , so law if demand fails..

GIFFEN GOODS

Those highly cheaper goods if more price falls then people thought them to be harmful and reduce demands...

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IRRATIONAL JUDGEMENT

If we compare goods with prices , then we prefer to buy expensive goods then also it get fails...