Question

difference between giffen goods and inferior goods​

Answer 1

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.

Answer 2

Answer:

Giffen Goods:

Giffen goods are goods whose demand increases with the increase in its price and vice versa.

Inferior Goods:

Inferior goods are those goods whose demand decreases with an increase in the consumer's income.