Question

what are the exaptions of law of demand​

Answer 1

here is ur 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.

Answer 2

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We all know that supply and demand factors influence the market conditions of an economy and determine the prices of goods and services. In a competitive market, the price conditions of a product or service will keep varying until the demand equals the supply thereby creating an equilibrium. Let us look at some exceptions to this law of demand like Giffen goods, necessary goods etc.

Law of Demand

Now the law of demand states that all conditions being equal, as the price of a product increases, the demand for that product will decrease. Consequently, as the price of a product decreases, the demand for that product will increase. For instance, a consumer may buy two dozens of bananas if the price is Rs.50.

However, if the price increases to Rs.70, then the same consumer may restrict the purchase to one dozen. Hence, the demand for the bananas, in this case, was reduced by one dozen. Therefore, the law of demand defines an inverse relationship between the price and quantity factors of a product.