what is the meaning of articles of social distinction , which are the exceptions to the law of supply?
Articles of Social Distinction mean those goods which are highly valuable or priceless and their supply cannot be increased even if a high price is being offered for them..
E.g- 'Kohinoor Diamond'.. Can you increase its supply even if Million trillions are offered for it?
:) Good luck!
goods like gold jewlery their demand is high due to their price if the price falls the demand also falls which is positive relationship b/w price and quantity but law of demand states that there is inverse relation ship b/w price and demand.
u can also get by its name social distinction those which make distinct from others like wearing jewelry of diamond and gold