Question

Briefly explain any one exception to the law of demand.

Answer 1

The bandwagon effect is an exception to the law of demand. The consumer’s demand for a commodity is influenced by the taste and preference of the social class to which the consumer belongs. If a businessman prefers to play golf as a fashionable game among successful businessmen, then the price of a golf ball increases in the market. Here, the businessman may increase the demand for golf balls in order to show that he is a successful businessman.