Can you explain the concept of exception hierarchy in Python and how it is used in error handling?

In Python, exceptions are organized into a class hierarchy, where the base class for all exceptions is BaseException. From it, the Exception class is inherited, which is used for handling most errors in applications.

The hierarchy allows handling errors at different levels:

• You can catch a specific exception, for example, ValueError, to handle only a particular type of error.
• You can catch a more general class, such as Exception, to handle all standard errors.

Example:

try:
    x = int(input("Enter a number: "))
except ValueError:
    print("That is not a number!")
except Exception as e:
    print(f"Another error: {e}")

Here, a specific exception ValueError is caught first, followed by the more general Exception. This hierarchy helps write flexible and precise error handling, allowing appropriate responses to different situations.