Final answer:
Antiques are an example of items that do not follow the law of supply in the real world. Their value is influenced by factors such as scarcity and historical significance, causing demand to outweigh supply and drive up prices.
Step-by-step explanation:
In the real world, an example of an item that doesn't follow the law of supply is an antique. Antiques are unique items with limited supply, and their value is not solely determined by their cost of production. The demand for antiques can often exceed the available supply, causing prices to be higher than what would be predicted by the law of supply. This is because antiques are sought after for their historical and cultural significance, making them highly valuable to collectors and enthusiasts.
For example, let's say there is a rare antique vase that was produced in limited quantities several hundred years ago. The cost of producing this vase is irrelevant because it is no longer in production. However, there might be a high demand for this vase due to its historical importance and its aesthetic appeal. As a result, the market price for the antique vase could be much higher than what would be expected based on the law of supply.
In conclusion, antiques are one example of items in the real world that don't strictly follow the law of supply. Their value is influenced by factors such as scarcity, historical significance, and cultural relevance, which can cause the demand to outweigh the supply and result in higher prices.