Question

Define law of demand and draw exceptional demand curve with its factors

Answer 1

the law of demand states that other factors being constant , price and quantity demand of any gud and service are inversely related to each other . when the price of product increases the demand for the same product will fall

demand curve -
it is the graphical representation of demand schedule in other words it is a graphical representation of the quantities of a commodity which will be demanded by the consumer at various particular prices in a particular time period , other thing remaining the same .



in this figure price and quantity demanded are measured along y axis and x axis resp. by plotting various combinations of price and quantity demanded we get a demand curve DD1 derived from points A,B,C,D and E .

Answer 2

Answer:

There are two exceptions to the Law of Demand. Giffen and Veblen goods are exceptions to the Law of Demand. However, they are extreme cases and can be quite difficult to prove. But economists generally agree that there are rare cases where the Law of Demand is violated