CBSE class 12 Economics notes - Exceptions To The Law Of Demand

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EXCEPTIONS TO THE LAW OF DEMAND

Ignorance – Being ignorant of the prevailing prices, a consumer may buy more of a commodity when its price has in fact gone up.

Emergency – In the case of an emergency like flood, famine or war, the households do not behave rationally and the law of demand doesn’t operate.

Miscellaneous – Future changes in prices, change in weather conditions, change in fashion, and loss of faith are some other exceptions where the law of demand doesn’t operate.

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