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There are exceptions to the law of demand. The best-known exception is the Giffen effect – a consumer buys more, not less, of a commodity at higher prices when a negative income effect dominates over the substitution effect. Another is the Veblen effect – some commodities are theoretically wanted solely for their higher prices. The higher these prices are, the more the use of such commodities fulfills the requirements of conspicuous consumption, and thus the stronger the demand for them.
XVIII. Make a brief report on the subject: «Demand and supply, and the Market»
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| XIII. Read each statement given and decide which of the following is not true | | | THE LIMITING CASES OF MARKET STRUCTURE |