Question

explain five circumstances under which the law of demand does not opreat?

Answer 1

Answer:

There are certain exceptions to the law of Demand for specific products. Examples are Giffen goods, Veblen goods, income change of the family, luxury items; all these concepts do not follow the law of Demand. Say, in case of necessary items, the Demand stays the same even if the price increases.

Answer 2

$hello \: mate$

Question : Explain five circumstances under which the law of demand does not opreat?

Answer : There are certain exceptions to the law of Demand for specific products. Examples are Giffen goods, Veblen goods, income change of the family, luxury items; all these concepts do not follow the law of Demand. Say, in case of necessary items, the Demand stays the same even if the price increases.

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