: Are the laws of demand followed through Veblen and luxury goods? Justify with the help of statistics and graph.
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Veblen described what ostentatious consumption was and introduced this term into the theory of economics. ... Prices of luxury goods do not fall and there are no price promotions, it does not affect the demand and behaviour of its consumers (Veblen, 1971).
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Veblen Goods are a class of goods that do not strictly follow the law of demand, which states that there exists an inverse relationship between the price of a good or service and the quantity demanded of that good or service. Veblen goods violate the law of demand after prices have risen above a certain level.
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