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
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.
State with reason whether you agree or disagree with the following statement:
When the prices of Giffen goods falls, demand for such goods rises.
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.
When price of Giffen goods fall, the demand for it increases.
What is contraction in demand?
Give one point each of similarity and dissimilarity between Giffen goods and Veblen 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 of the following best describes a Giffen good?
