Question

Explain The law of Demand and its Two Exceptions​

Answer 1

Explanation:

There are two exceptions to the Law of Demand. Giffen and Veblen goods are exceptions to the Law of Demand. ... The Law of Demand states that the quantity demanded for a good or service rises as the price falls, ceteris paribus (or with all other things being equal).

Answer 2

Answer:

THE LAW OF DEMAND:- in microeconomics, the law of demand states that, "conditional on all else being equal, as the price of a good increases, quantity demanded decreases; conversely, as the price of a good decreases, quantity demanded increases".

EXCEPTION:-There are two exceptions to the Law of Demand. Giffen and Veblen goods are exceptions to the Law of Demand. The Law of Demand states that the quantity demanded for a good or service rises as the price falls, ceteris paribus (or with all other things being equal).