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प्रश्न
Giffen goods are richman's goods
पर्याय
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
Find the odd word
Assumptions to law of demand -
State with reason whether you agree or disagree with the following statement.
There is an inverse relationship between price and demand.
Explain the law of demand.
Write a statement of the Law of Demand.
If with the rise in price of good Y, demand for good X rises, the two goods are:
If prices of cars rise, many people may put off buying a new car. So the demand for petrol will fall.
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?
Which formula correctly expresses the factors that determine the demand for a commodity?
