How the law of demand may be violated

Reference no: EM13187612

In 1951, Coke used to cost $0.37 for a pack of 6, an average house was worth about $16000, and a car was $1400 to 2200. All these goods are much more expensive now, and yet we buy and consume more of these things today than we did in 1951. Does this fact constitute a violation of Law of Demand? What are the most important ways in which ceteris paribus i.e. "other things being equal" clause in the Law of Demand may be violated? Mention at least five and explain in one line each.

Reference no: EM13187612

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