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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.
APPEARS IN
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.
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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 reasons whether you agree or disagree with the following statement:
There is a direct relationship between the price of Giffen goods and its demand.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
What are Giffen goods?
Explain the following diagram with reference to the concept of Giffen goods.
The demand curve can slope upwards from left to right. Give one argument in support of this statement.
Which exception to the law of demand is primarily based on consumer beliefs about product quality?
What happens to the demand for necessities like salt or electricity when their prices increase?
Which situation is an example of speculation affecting demand?
