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Explain Briefly Any One Determinant of an Exceptional Demand Curve. - ICSE Class 10 - Economics

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Question

Explain briefly anyone determinant of an exceptional demand curve.

Solution

The bandwagon effect is an exception to the law of demand as the price and demand do not move in opposite directions. Bandwagon effect means that a consumer’s demand for a commodity gets influenced by the taste and preference of the social class to which the consumer belongs. For example, a businessman may increase the demand for golf balls in order to show that he is a successful businessman.

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APPEARS IN

 2016-2017 (March) (with solutions)
Question 2.2 | 2.00 marks
Solution Explain Briefly Any One Determinant of an Exceptional Demand Curve. Concept: Elasticity of Demand and Elasticity of Supply.
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