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Question
Explain with reasons whether you 'agree' or 'disagree' with the following statement:
There are no exceptions to the law of demand.
There are no exceptions to the law of demand.
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Solution
No. The statement is false. The exceptions to the law of
demand are:
- Changes in the prices of
related goods
- Tastes and Preferences of
the consumers
- Income of the consumer
- Changes in technology
- Changes in taxation policy
- Changes in price expectations
of consumers.
The law of demand may not work in
case of the above cases.
No. The statement is false. The exceptions to the law of demand are:
- Changes in the prices of related goods
- Tastes and Preferences of the consumers
- Income of the consumer
- Changes in technology
- Changes in taxation policy
- Changes in price expectations of consumers.
The law of demand may not work in
case of the above cases.
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