¦³»¡¡G¡uLaw of demand is not derived from indifference
curve analysis but an assertion¡vThis saying, more or less,
is based on the logical possibility of Giffen Good in indifference
curve analysis¡C
The possibility of Giffen Good means that quantity demanded need
not fall when price increases. However, if quantity demanded can
either increase or decrease when price increases, no refutable implications
on the effect of price change can be derived. We assert that quantity
demanded can only decrease when price increases because (1) this
assertion can bring us refutable implications and (2) the refutable
implications coming from it are repeatedly confirmed by facts.