Question

What are the exceptions of law of demand? explain them.

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Answer 1

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$\mathfrak{\blue{Q.}}$What are the exceptions of law of demand? explain them.

$\mathfrak{\blue{Ans.}}$ Following are the exceptions of the law of Demand..!!

$\mathfrak{\blue{i.)Giffen\:Goods\::}}$ The theory of giffen goods was propounded by Sir Robert Giffen. Giffen goods are those goods who's demand Falls with the fall in its price. For example, Bajra

$\mathfrak{\blue{ii.)Snob\: Goods\::}}$ These goods are very expensive goods and are used as status symbol. Their quantity demanded increases with increase in their price. For example, diamond

$\mathfrak{\blue{iii.) Necessity\: Goods\::}}$ these goods are consumed by the buyer irrespective of the change in their price. For example, salt

$\mathfrak{\blue{iv.) Emergency\: Goods\::}}$ The demand for goods in case of emergencies is not affected by its price. For example, medicines

$\mathfrak{\blue{v.) Habitual\:Goods\::}}$ goods which are in habit and not affected by the change in their price. For example, alcohol, cigarettes, drugs e.t.c

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Answer 2

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1. Giffen Goods= The theory of giffen Goods was given by Sir Robert giffen. giffen goods are those goods who demand falls in the fall of its price.

2. Necessity Goods = these goods are consumed by the buyer irrespective of the change in their price. Example = salt

3. Emergency goods = the demand of goods in case of emergencies is not affected by its price, example = medicines

4. Gnob goods = these goods are very expensive goods and used as status symbol their quantity demanded increases with increase in their price, example = diamond.

5. Habitual Goods = goods which are in habit and not affected by the change in the price is called habitual goods for example alcohol, drugs e. t. c.

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