Here's the question you clicked on:

55 members online
  • 0 replying
  • 0 viewing

AmberRoseLynn

  • 2 years ago

What are two examples of goods or services that violate the law of demand?

  • This Question is Open
  1. figgycal
    • one year ago
    Best Response
    You've already chosen the best response.
    Medals 0

    I know it' been 10 days, but hopefully I can still help. The law of demand states that the demand curve has a downward slope; as the price of a product increases, the quantity demanded falls. This is because people are usually less willing to pay the higher price, whereas more people are willing to pay the lower price. An inelastic product does not follow this law of demand. An inelastic product means that when the price of an item changes, its quantity demanded does not (or changes very slightly). An example of this would be toothpaste or toilet paper. A person doesn't simply not brush his teeth or use the bathroom because the price of toothpaste and toilet paper has increased.

  2. Not the answer you are looking for?
    Search for more explanations.

    • Attachments:

Ask your own question

Sign Up
Find more explanations on OpenStudy
Privacy Policy