Question

state two point of difference between giffen goods and inferior goods.




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Answer 1

Answer:

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Explanation:

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). ... The difference between the two is that while all giffen goods are inferior, all inferior goods are not necessarily giffen.

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Answer 2

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Giffen Goods :

• It refers to those goods whose demand goes up with the rise in the prices.  

• An exception to the law of demand

• It has no close substitutes.

• A demand curve is upward sloping.

• The price effect is negative.

Inferior Goods :

• Inferior goods are goods whose demand falls down with a rise in the consumer's income over a specified level.

• The determinant of demand.

• It has close substitutes.

• Demand curve is downward sloping.

• Price effect is positive.

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