<P> In microeconomics , the law of demand states that , `` conditional on all else being equal , as the price of a good increases ( ↑ ) , quantity demanded decreases ( ↓ ) ; conversely , as the price of a good decreases ( ↓ ) , quantity demanded increases ( ↑ ) '' . In other words , the law of demand describes an inverse relationship between price and quantity demanded of a good . The factors held constant refer to other determinants of demand , such as the prices of other goods and the consumer 's income . There are , however , some possible exceptions to the law of demand , such as Giffen goods and Veblen goods . </P>
<P> In microeconomics , the law of demand states that , `` conditional on all else being equal , as the price of a good increases ( ↑ ) , quantity demanded decreases ( ↓ ) ; conversely , as the price of a good decreases ( ↓ ) , quantity demanded increases ( ↑ ) '' . In other words , the law of demand describes an inverse relationship between price and quantity demanded of a good . The factors held constant refer to other determinants of demand , such as the prices of other goods and the consumer 's income . There are , however , some possible exceptions to the law of demand , such as Giffen goods and Veblen goods . </P>
demand which does not obey the law of demand is called
demand which does not obey the law of demand is called
Giffen goods Giffen goods
Giffen goods Giffen goods