Limitation
- Change in taste or fashion.
- Change in income
- Change in other prices.
- Discovery of substitution.
- Anticipatory change in prices.
- Rare or distinction goods.
There are certain goods which do not follow this law. These include Veblen goods and Giffen goods.
Read more about this topic: Law Of Demand
Famous quotes containing the word limitation:
“When we get to wishing a great deal for ourselves, whatever we get soon turns into mere limitation and exclusion.”
—George Eliot [Mary Ann (or Marian)
“...to many a mother’s heart has come the disappointment of a loss of power, a limitation of influence when early manhood takes the boy from the home, or when even before that time, in school, or where he touches the great world and begins to be bewildered with its controversies, trade and economics and politics make their imprint even while his lips are dewy with his mother’s kiss.”
—J. Ellen Foster (1840–1910)
“The French are certainly misunderstood:Mbut whether the fault is theirs, in not sufficiently explaining themselves; or speaking with that exact limitation and precision which one would expect ... or whether the fault may not be altogether on our side ... I shall not decide.”
—Laurence Sterne (1713–1768)