Exceptions to the Law of Demand
Law of Demand:
A change in price will result in a change in the quantity demanded, according to the law of demand.
In the case of an increase in price, the demand decreases, and in the case of a decrease in price, the demand increases.
In economics, the law of demand is one of the most fundamental concepts. As we observe in everyday transactions, market economies allocate resources and determine prices based on the law of supply.
Some of the Major Exceptions to the Law of Demand are as follows:
