what is giffen goods?? in breif
Answers
Answered by
5
Answer:
A Giffen good is a low income, non-luxury product that defies standard economic and consumer demand theory.
Answered by
3
A Giffen good, a concept commonly used in economics, refers to a good that people consume more of as the price rises. Therefore, a Giffen good shows an upward-sloping demand curve and violates the fundamental law of demand.
It is important to note that all Giffen goods are inferior goods, but not all inferior goods are Giffen goods.
The term Giffen good was named after Scottish economist Sir Robert Giffen. The term Giffen good was developed by the economist after he noticed, in the poor Victorian era, that the rise in the price of a basic food increased the demand for that particular food.
❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️❄️
Similar questions