Question

define inferior goods,normal goods,giffen goods​

Answer 1

Answer:

An inferior good is an economic term that describes a good whose demand drops when people's incomes rise. ... Inferior goods—which are the opposite of normal goods—are anything a consumer would demand less of if they had a higher level of real income.

In economics, a normal good is any good for which demand increases when income increases, i.e. with a positive income elasticity of demandIn economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics

Answer 2

Answer:

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