Question

exception of law of demand and supply?

Answer 1

In microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases (↑), quantity demanded decreases (↓); conversely, as the price of a good decreases (↓), quantity demanded increases (↑)".[1] In other words, the law of demand describes an inverse relationship between price and quantity demanded of a good.Alternatively,other things being constant,quantity demanded of a commodity is inversely related to the price of the commodity.For example,a consumer may demand 2kg of apples at Rs 70 per kg;he may,however,demand 1kg if the price rises to Rs 80 per kg. This has been the general human behaviour on relationship between the price of the commodity and the quantity demanded. The factors held constant refer to other determinants of demand, such as the prices of other goods and the consumer's income.[2] There are, however, some possible exceptions to the law of demand, such as Giffen goods and Veblen goods.