Question

What is Giffen Good known as:

Answer 1

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$<font color= red> A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory. Demand for Giffen goods rises when the price rises and falls when the price falls. In econometrics, this results in an upward-sloping demand curve, contrary to the fundamental laws of demand which create a downward sloping demand curve.</font>$

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Answer 2

Answer:

a giffen good is a low income, non luxcury product that defies standard economic and consumer demand theory. the term a giffen good was coined in the late 18005, named after noted Scottish economint, statistician and journalist sir Robert hidden.

Explanation:

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