Question

what is giffen paradox​

Answer 1

Explanation:

The Giffen Paradox is an exception to the law of demand which states an indirect relationship with price and demand as well as a direct relationship with income and demand. (When income increases, demand for a commodity also increases.) Giffen goods are nothing but inferior goods.

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Answer 2

Explanation: 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. ... Examples of Giffen goods can include bread, rice, and wheat.

The Giffen Paradox is an exception to the law of demand which states an indirect relationship with price and demand as well as a direct relationship with income and demand. (When income increases, demand for a commodity also increases.) Giffen goods are nothing but inferior goods.

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