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krishna

· started a discussion

· 1 Months ago

discrepancy in the answer (Question: 191358.0 )

Is there any difference between Veblen goods and giffen goods; both kinds of goods have same literal meaning?

Question:
Giffen goods are – 
Options:
A)

A product that people consume more often as the price rises

B) A product that people consume more often as the price falls
C) A product that people consume more or less in the same quantity irrespective of price changes 
D) None of the above 
Solution:
Ans: (a) 

A Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics.

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