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प्रश्न
Giffen goods are richman's goods
विकल्प
True
False
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उत्तर
This statement is False.
Explanation:
Giffen goods are not rich man's goods. Giffen goods are a type of inferior good for which demand increases as the price increases, contrary to the typical law of demand. This situation arises due to the strong income effect outweighing the substitution effect, which is more common among low-income consumers. Therefore, the statement is False.
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संबंधित प्रश्न
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
Find the odd word
Assumptions to law of demand -
The Law of Demand was introduced by ______.
Increase in demand is caused by
Any statement about demand for a good is considered complete only when the following is/are mentioned in it:
Pick the option which does not belong to the group:
State the law of demand.
Explain four circumstances under which the law of demand does not operate.
What does the term "ceteris paribus" mean in relation to the Law of Demand?
Why does the demand curve always slope downwards?
