aarshi
1 Answer
jenp
Giffen goods and inferior goods are different concepts. An inferior good is a good for which demand decreases as consumers' incomes increases, whereas a giffen good is a good for which demand increases as its price increases, and oppositely, its demand falls as its price decreases.
A giffen good doesn’t have easy substitutes, and it must be an inferior good.
| 14 years ago. Rating: 0 | |
Good answer. Giffen goods sounds like women's perfume: the smaller the bottle, the more expensive it is, the more desirable it is.
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