Question

What is demand schedule? What are the exceptions to the law of demand?

Answer 1

Answer:

the demand schedule is a table showing the quantity demanded of a good or service at different price levels.

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.

Answer 2

Explanation:

Price effect is the composite effect of ‘income effect’ and ‘substitution effect’. Giffen goods (most inferior goods) are those inferior goods for which ‘income effect’ of change in price is negative and is greater than the substitution effect.

Therefore, the demand of Giffen goods increases with rise in price and decreases with fall in their price.