give any 2 differences between inferior goods and giffen goods
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Answer:
Giffin goods are goods whose demand increases with the increase in its price
they are the exception to the law of demand
Inferior goods are goods whose demand falls down with the rise in the consumer'income over a specified level
they are the determinant of demand
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Explanation:
inferior goods is a good whose demand increases when the consumer's income
decreases and whose demand decreases
as the consumer's income increases ......
giffen good is a special type of inferior good
whose demand increases as the price of the
good increases (effective consumer income
decreases due to price increases)
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