what is snob effect
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The snob effect is a phenomenon described in microeconomics as a situation where the demand for a certain good by individuals of a higher income level is inversely related to its demand by those of a lower income level. ... These goods usually have a high economic value, but low practical value.
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it it is simple simply understand it as the goods having high canonical value but very little practical value like for example you have a very beautiful flower case in your home which is very expensive but if you say about its practical value its nominal this is what snaps effect is all about
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