Question

Difference between giffen goods and veblen goods

Answer 1

Answer:

Explanation:

A veblen good is a good for which demand increases as the price increases, because of its exclusive nature and appeal as a status symbol. ... However, a Veblen good is generally a high-quality, coveted product, in contrast to a Giffen good, which is an inferior product that does not have easily available substitutes.

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