Question

deferentiate between giffin and inferior goods class 11​

Answer 1

Answer:

Explanation:

Inferior Goods and Giffen Goods

Giffen goods are rare forms of inferior goods that have no ready substitute or alternative such as bread, rice, and potatoes. The only difference from traditional inferior goods is that demand increases even when their price rises, regardless of a consumer's income.

Answer 2

Answer:

Giffen goods are rare forms of inferior goods that have no ready substitute or alternative such as bread, rice, and potatoes. The only difference from traditional inferior goods is that demand increases even when their price rises, regardless of a consumer's income.