Asked by
James Trevor
on Oct 14, 2024
Verified
An increase in the price of a Giffen good makes the people who consume that good better off.
Giffen Good
A product that sees an increase in demand as its price rises, contrary to the law of demand, typically due to the absence of close substitutes and the product being an inferior good.
- Describe and pinpoint the characteristics and concept of Giffen goods.
Verified Answer
AV
Learning Objectives
- Describe and pinpoint the characteristics and concept of Giffen goods.