Exceptions To The Law of Demand
Generally, the amount demanded of a good increases with a decrease in price of the good and vice versa. In some cases, however, this may not be true. Such situations are explained below.
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Famous quotes containing the words exceptions to, exceptions, law and/or demand:
“... people were so ridiculous with their illusions, carrying their fools’ caps unawares, thinking their own lies opaque while everybody else’s were transparent, making themselves exceptions to everything, as if when all the world looked yellow under a lamp they alone were rosy.”
—George Eliot [Mary Ann (or Marian)
“For true poetry, complete poetry, consists in the harmony of contraries. Hence, it is time to say aloud—and it is here above all that exceptions prove the rule—that everything that exists in nature exists in art.”
—Victor Hugo (1802–1885)
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—Joseph De Maistre (1753–1821)
“I often accuse my finest acquaintances of an immense frivolity; for, while there are manners and compliments we do not meet, we do not teach one another the lessons of honesty and sincerity that the brutes do, or of steadiness and solidity that the rocks do. The fault is commonly mutual; however, for we do not habitually demand any more of each other.”
—Henry David Thoreau (1817–1862)