02-09-2017, 05:48 PM
What is Veblen and Giffen goods?
When price goes up, the quantity demanded also goes up. To be a true Giffen good, the good's price must be the only thing that changes to produce a change in quantity demanded. A Giffen good should not be confused with products bought as status symbols or for conspicuous consumption (Veblen goods).
When price goes up, the quantity demanded also goes up. To be a true Giffen good, the good's price must be the only thing that changes to produce a change in quantity demanded. A Giffen good should not be confused with products bought as status symbols or for conspicuous consumption (Veblen goods).
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Mark Twain