Explain Law of Demand with exception or criticism.

     The law of demand states quantity demanded for a good rises as the price falls. In other words price and quantity demanded is inversely related. If the price of a commodity decrease, the quantity demanded will be increased and vice versa.

So, the law of demand is expressed the functional relationship between price and quantity demanded.

According to Dominick Savtore, "Law of demand is the inverse relationship between price and quantity reflected in the negative slope of a demand curve".

Equation: Qd = a-bp

Where, Qd= Quantity Demand
            a= Intercept
            b= slope
            p= price

Suppose, Qd = 10-2p

Demand schedule:

Price	Quantity
1 tk.	8 unit
2 tk.	6 unit
3 tk.	4 unit

Now, Qd = 10 – 2p

      2p = 10 - 0

      P = 10/2

      P = 5

Demand curve:

Figure: Demand Curve.