Question

true or false
Giffens paradox is an exception to the law of demand.
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Answer 1

Answer:

true

Explanation:

According to the Law of Demand, when the price of a commodity falls the demand for it rises. Giffen’s Paradox is an exception to this law. It is named after the 19th century British economist, Sir Robert Giffen, who found that when the price of bread fell, the demand for it also fell.

Answer 2

Giffens goods:
Giffens goods are those goods on which a consumer spends a very large part of his income. These are those type of inferior goods whose demand increases with rise in its price. This phenomenon was first observed by Sir. Robert Giffens. (All giffens goods are inferior goods but all inferior goods are not giffens goods.)