Why is the law of demand not applicable to goods having special taste and preference? Explain with an example.
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Explanation:
Giffen and Veblen goods are 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.
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