Question

explain any three expectations of demand. class 11th ​

Answer 1

Answer:

Exceptions to the Law of Demand

We all know that supply and demand factors influence the market conditions of an economy and determine the prices of goods and services. In a competitive market, the price conditions of a product or service will keep varying until the demand equals the supply thereby creating an equilibrium. Let us look at some exceptions to this law of demand like Giffen goods, necessary goods, etc.