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प्रश्न
What are Giffen goods?
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उत्तर
Giffen goods are poor man's goods which people consume more as their prices rise.
APPEARS IN
संबंधित प्रश्न
Distinguish between:
Inferior goods and superior goods
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of demand.
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 reasons whether you agree or disagree with the following statements :
When price of Giffen goods fall, the demand for it increases.
In which exception to the law of demand does the consumer equate price and quality.
Mention one exception to the law of demand. Give one point only.
What is contraction in demand?
State two circumstances under which the demand curve slopes upwards to the right.
Why do people buy more luxury goods when prices go up, defying the usual law of demand?
What happens to the demand for necessities like salt or electricity when their prices increase?
