The law of supply fails in good having social distinction. Why?

Asked by raksha2sanubth | 21st 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.

 

Answered by Christina | 22nd Jul, 2020, 12:33: PM

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