Tag Archives: Law of Demand

What are the Five Exceptions to the Law of Demand?

While it applies to most things we encounter on a daily basis, there are exceptions to the law of demand. Two of them are Veblen items and Giffen items . They show a positive relationship between their price and the quantity demanded by consumers. In some cases, consumers do not only consider price in making purchasing decisions. They take other aspects into account. For… Read More »