While it applies to most things we encounter daily, there are exceptions to the law of demand. Two of them are Veblen goods and Giffen goods. They
Law of Demand
Three Assumptions Underlying the Law of Demand
The three reasons or assumptions underlying the law of demand are the income effect, the substitution effect, and diminishing marginal utility. The
What is the Law of Demand? How does it work?
What's it: The law of demand is a principle in microeconomics, stating a negative relationship between a good's price and its quantity