Question

A giffen good is a special type of inferior good. Do you agre? Give reason.(secondary scho
ol)

Answer 1

Answer:

Giffen goods are the exemption of law of demand.yes I agree that the giffen goods are inferior goods. The price of inferior goods rises the people may also buy the goods.eg.(ragi cholam)

Answer 2

Answer:

I don't think that giffen goods are a type of inferior good because the prices of the giffen goods increase or decrease depending on the time n situation but the price of the inferior goods only increase or decrease according to the income rate....... according to me the giffen goods are not a type of inferior goods