Explain the law of demand and what are is expectation
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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). Therefore, the Law of Demand is an inverse relationship between price and quantity demanded.
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Law of demand refers to that situation all the thing remains constant like people taste and preferences ,Future expectations ,No change in income , so these things remains constant .... but commodity price is totally related to their demand ....when the price is fall ,, demand of that commodity will be increase ... when the price is increase .. demand of the commodity will be decrease ..So, the inverse relationship between price and demand ....that is called Law of Demand.
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