Question

What is law of demand? state the exceptions to the law of demand?

Answer 1

Law of Demand: Assumptions, Exceptionsand Limitations. The law of demand statesthat, other things remaining the same, the quantity demanded of a commodity is inversely related to its price. ... Other things remaining the same, the amount demanded increases with a fall in price and diminishes with a rise in price.

Answer 2

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.