Demand Analysis | Part - 3 | Microeconomics | Elasticity of Demand | Arc Elasticity | Total Outlay

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Note that the law of demand holds true in most cases. The price keeps fluctuating until an equilibrium is created. However, there are some exceptions to the law of demand. These include the Giffen goods, Veblen goods, possible price changes, and essential goods. Let us discuss these exceptions in detail.
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