CBSE Class 12-commerce Answered
The law of supply fails in good having social distinction. Why?
Asked by raksha2sanubth | 21 Jul, 2020, 09:14: PM
Expert Answer
Supply of goods having social distinction remain limited even if their price tends to rise.This is because such goods rare and highly valued in the society. Foe example supply of a rare article, like a painting or an object cannot be increased even if their prices are increased and hence the law of supply fails in good having social distinction.
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