what is law of demand and what are the exceptions of law of demand
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Alfred Marshall introduced the Law of Demand in the market economy theory. Prices of complementary goods stay as it is. The taste and preference of the buyers are always the same. The three exceptions to the law of Demand are Giffen goods, Veblen effect and income change
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The price keeps fluctuating until an equilibrium is created. However, there are some exceptions to the law of demand. These include the Giffen goods, Veblen goods, possible price changes, and essential goods.
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