Question

give any 2 differences between inferior goods and giffen goods​

Answer 1

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

Answer 2

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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