What are giffen goods?
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In economics and consumer theory, a Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.
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giffen goods may be defined as those inferior goods in case of which income effect is negative ard stronger than the substitution effect of a change in preice. As a result of which, when price of such commodities fall , their demand also falls.
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