4 important exceptions to the law of demand
The most important exception to the law of demand are 1. Giffen goods 2. Prestigious goods 3. Speculation 4. Ignorance about quality.
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7 essential exceptions to the Law of Demand
The law of demand does not apply in every case and situation. The circumstances when the law of demand becomes ineffective are known as exceptions of the law. Some of these important exceptions are as under.