Question

Explain the distinction between Law of Demand and the Elasticity of Demand.

Answer 1

Elastic demand is when consumers really respond to price changes for a good or service

Inelastic demand in economics is when people buy about the same amount whether the price drops or rises. That happens with things

i hope it help you

mark me as brainliest answer

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.