Advertisements
Advertisements
प्रश्न
What are Giffen goods?
Advertisements
उत्तर
Giffen goods are poor man's goods which people consume more as their prices rise.
APPEARS IN
संबंधित प्रश्न
Explain briefly anyone determinant of an exceptional demand curve.
Distinguish between:
Inferior goods and superior goods
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.
Questions:
- Demand Curve D1D1indicates ______ (1m)
- Demand Curve D2D2indicates______ (1m)
- Name the above diagram and explain. (2m)
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 statement.
When price of Giffen goods fall, the demand for it increases.
‘Price is an indicator of quality.’ The statement applies to ______.
State with reason whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
What is contraction in demand?
What happens to the demand for necessities like salt or electricity when their prices increase?
