Question

difference between giffen goods and inferior goods?​

Answer 1

Explanation:

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Answer 2

Answer:

BASIS of comparison

Meaning

Giffen goods refers to those goods whose demand goes up with the rise in the prices.

Inferior goods are goods whose demand falls down with the rise in the consumer's income over a specified level.

What is it?

Exception to the law of demand.

Determinant of demand.

Close substitutes

No

Yes

Demand Curve

Upward Sloping

Downward Sloping

Price Effect

Negative

Positive