To point out the obvious, the law of demand, in whatever form, is not a universal law at
all, but a condition which may hold in some situations and not others. It is well known that
in transactions where asymmetric information is an important consideration, violations of
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the law can occur. For example, lowering the price of a set of used cars does not necessarily
lead to higher demand if potential buyers think that the lower price reflects the quality
of the cars being offered