Discover exceptions to the law of demand, like Giffen and Veblen goods, and understand why they don't disprove core economic ...

A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand ...

For most products and services, there is an inverse relationship between price and demand. That is, when the price goes up, demand goes down. However, for Veblen goods, there is a direct relationship ...