Question

explain four circumstances under which the law of demand does not operate.​

Answer 1

Explanation:

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. For goods such as jewellery or cars, the demand increases with a rise in Price.

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Answer 2

Answer:

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. For goods such as jewellery or cars, the demand increases with a rise in Price.