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प्रश्न
Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.
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उत्तर
- Similarity: In case of both - Giffen goods and Veblen goods, demand curve slopes upward indicating positive relationship between price and quantity demanded.
- Dissimilarity: Giffen goods are demanded by its poor people whereas Veblen goods are demanded by the rich people.
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संबंधित प्रश्न
Distinguish between:
Inferior goods and superior goods
State with reason whether you agree or disagree with the following statement:
When the price of Giffen goods falls, the demand for it increases.
Statements that explain Giffen’s paradox:
- It is an exception to the law of demand.
- It is applicable to inferior or low quality goods.
- Demand increases when the prices of inferior goods fall
- It was identified by Prof. Alfred Marshall.
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Questions:
- Diagram’ A ‘represents _____in demand (1m)
- Diagram ‘B’ represents _____in demand (1m)
- In diagram ‘A’ movement of demand curve is in_____ direction (1m)
- In diagram ‘B’ movement of demand curve is in______ direction (1m)
State with reason whether you agree or disagree with the following statement.
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statements:
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
‘Price is an indicator of quality.’ The statement applies to ______.
Mention one exception to the law of demand. Give one point only.
What happens to the demand for necessities like salt or electricity when their prices increase?
