state any two exception of the law of demand
Answers
Explanation:
giffen and Veblen
because. 1). giffen is considered as the exception of the law of demand
2) the other expections of the law of demand is associated with name of economics Thorstein Veblen who propounded the ductrine of conspicuous consumption
The law of demand is a law that states the market conditions and its reactions with the relation of the price range of the products and its demand.
EXPLANATION-
Law of Demand - Law of demand is a detailed study of how the increase and decrease in the price range of the product affect its demand in the present and near future.
Price increase
Demand decreases
Price decreases
Demand increases
For example - In recent, time the demand for onion decreases in the market due to the hike in the prices whereas, its demand is increasing as the price range is coming down.
The exception of the law of demand is -
•The daily essential - The products like salt, sugar, rice, and wheat doesn't get much influenced by the price due to the nature of being a necessity.
Luxurious goods - These goods are being purchased as a status symbol by the customer and consumers. Hence, applications of law of demand don't work here.
Habitual products - For example, if a person is an alcoholic or drug addict the price range of the products doesn't matter to him.
consumption of the product is in his habit and they want it.
Conclusion-
The laws of demand get the limitation when the products are of basic necessity, habitual habits or economic status usage.
Learn more about the law of demand- https://brainly.in/question/6078450