Question

Explain in brief, the various exceptions to law of demand
OR
Briefly discuss the various exceptions to law of demand
OR
Briefly discuss the various situations for positive relationship between price and quantity demanded.

Answer 1

(i) Giffen goods.
(ii) Status symbol goods or Goods for Ostentation.
(iii) Fear of shortage.
(iv) Ignorance.
(v) Fashion of related goods.
(vi) Necessities of life.
(vii) Change in weather.