econonmics law of demands

PART B: Select 4 questions from Q2 - 06 Question 2 (10 marks) The law of demand suggests that price and demand for a product are inversely related, je., a rise in price will cause demand to fall and vice versa. Consider the recent boom in the Sydney housing market, where the demand for homes continues to remain strong amidst elevated prices. 2[a) Why is the law of demand not operational in the Sydney housing market? Explain your answer Marksj