Question

Explain the law of demand what are its assumption and exception

Answer 1

Acc. to the Law of Demand, as the price of a good increases so does its demand and vice-versa.

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.