give any 2 differences between inferior goods and giffen goods
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❥︎Inferior good 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 increase).
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Inferior good 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 increase).
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