Economy, asked by ayushkumar91688, 1 month ago

explain giffen paradox?

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Answered by froggyfriend180

Answer:

Giffen's paradox refers to the possibility that standard competitive demand, with nominal wealth held constant, can be upward sloping, violating the law of demand. ... A Giffen good is a good for which Giffen's paradox can arise. Giffen preferences are preferences that can exhibit Giffen's paradox.

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