The 'Veblen effect' refers to situations in which consumers tend to regard: *
price and quality being unrelated
price and quality being inversely related
falls in price indicating increases in quality
price and quality being directly related
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A Veblen good is a type of luxury good for which the demand for a good increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. A higher price may make a product desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
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