Write short note on Giffen's paradox
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when a price of a matter () falls it's demand also gets fall
it was found out by Robert Giffen a British Economist
it was found out by Robert Giffen a British Economist
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Explanation:
According to the Law of Demand, the demand for a good rises when the price of the good falls. Giffen's Paradox refers to the goods that are an exception to the Law of Demand.
Some of the examples of such goods are bullion, kerosene, etc. However, these examples are not universal in nature, and their categorization within Giffen goods vary depending on the region or prevailing economic situation.
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