The Law of Demand does not hold for Marshallian demand
the verdict
SUPPORTED
the evidence backs this
refutedsupported
the weight of evidence
2 sources for · 0 against
While standard economic theory assumes a downward-sloping demand curve, empirical and experimental studies demonstrate that exceptions such as Giffen behavior and the loss of confidence effect can lead to upward-sloping or non-monotonic demand.
Provides real-world evidence of Giffen behavior (upward sloping demand for staple foods among extremely poor households), demonstrating that the Law of Demand does not always hold.
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The analysis
Judged against the evidence record for claims of this kind.
Demonstrates through an experimental study that the loss of confidence effect can cause market demand curves to be non-monotonically decreasing, violating the Law of Demand.
Everything we examined (2)
We also searched for evidence AGAINST this claim, not only for it.