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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
Briefly explain any two reasons for the occurrence of the law of demand.
Symbolically, the functional relationship between Demand and Price can be expressed as ______.
Find the odd word
Assumptions to law of demand -
Increase in demand is caused by
In case of relatively more elastic demand, the shape of the curve is
Explain the law of demand.
Write a statement of the Law of Demand.
State the law of demand.
What is meant by the income effect of a fall in the prices of a commodity?
The following table shows the amount of sugar bought by a household at different prices:
| Period | Price (₹ per kg) | Amount Bought (kg) |
| Jan. 2000 | ₹ 15 | 4 |
| Feb. 2000 | ₹ 16 | 5 |
Does the behaviour of household contradict the law of demand? Give reasons in support of your answer.
