Exceptions To The Law of Demand
Generally, the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases, however, this may not be true. Such situations are explained below.
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—George Eliot [Mary Ann (or Marian)
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—Ralph Waldo Emerson (1803–1882)
“Well, I always say the law was meant to be interpreted in a lenient manner. And that’s what I try to do, is sometimes I lean to one side of it, sometimes I lean to the other.”
—Irving Ravetch (b. 1920)
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—Hannah Arendt (1906–1975)