Explain the exceptions of law of demand ?
Answers
Answered by
18
Heya....
See here for your answer...
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Law of demand ---
It is the law that states that , there is an inverse relationship between the own price and the quantity demanded for a commodity..
It's exceptions will be...
-- Giffen goods
These r the goods which are already cheap and if the prices will decrease more then the consumer will not buy as it can be harmful so law of demand get fails..
--- Article of distinction
Those articles who r purchased for show off at high prices and reduce in demand in case of lowering the price..
-- Irrational judgement
When the consumer compare the good with its price then only high priced goods r demanded..
Thank you
See here for your answer...
=================
Law of demand ---
It is the law that states that , there is an inverse relationship between the own price and the quantity demanded for a commodity..
It's exceptions will be...
-- Giffen goods
These r the goods which are already cheap and if the prices will decrease more then the consumer will not buy as it can be harmful so law of demand get fails..
--- Article of distinction
Those articles who r purchased for show off at high prices and reduce in demand in case of lowering the price..
-- Irrational judgement
When the consumer compare the good with its price then only high priced goods r demanded..
Thank you
Answered by
9
heya !!
here is your answer⤵️⤵️
Law of demand :
its states whether goods are good or bad.
The cost of production also decrease.
according to Consumer's deisre , they do for law of demand.
hope my answer helps you
here is your answer⤵️⤵️
Law of demand :
its states whether goods are good or bad.
The cost of production also decrease.
according to Consumer's deisre , they do for law of demand.
hope my answer helps you
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