what is Giffin paradox
Answers
Answered by
4
Answer:
Giffen's paradox refers to the possibility that standard competitive demand, with nominal wealth held constant, can be upward sloping, violating the law of demand. ... A Giffen good is a good for which Giffen's paradox can arise. Giffen preferences are preferences that can exhibit Giffen's paradox.
Answered by
2
Giffen good
Giffen's paradox refers to the possibility that standard competitive demand, with nominal wealth held constant, can be upward sloping, violating the law of demand. ... A Giffen good is a good for which Giffen's paradox can arise. Giffen preferences are preferences that can exhibit Giffen's paradox.
Similar questions