Defination of giffen goods
CBSE, JEE, NEET, CUET
Question Bank, Mock Tests, Exam Papers
NCERT Solutions, Sample Papers, Notes, Videos
Posted by Khushi Delio 6 years, 1 month ago
- 1 answers
Related Questions
Posted by Vivek Saroj 1 year, 1 month ago
- 0 answers
Posted by Shiv Narayan Kumar 1 year, 1 month ago
- 1 answers
Posted by Charvi Charvi 1 year, 1 month ago
- 0 answers
Posted by Mahi Bansal 1 year, 1 month ago
- 0 answers
myCBSEguide
Trusted by 1 Crore+ Students
Test Generator
Create papers online. It's FREE.
CUET Mock Tests
75,000+ questions to practice only on myCBSEguide app
Yogita Ingle 6 years, 1 month ago
Giffen goods are special kind of goods on which the consumers spends most of his income and their demand rises with an inrease in price and demand falls with decrease in price level. For example when the prices of jowar, bajra reduces, then the consumer tends to consumer less of those items and consume superiror goods such as wheat and rice. This is an exceptional case which is against the law of demand. This is because a fall in price of inferior goods increases the real income which reduces demand for inferior goods as consumer prefer to shift to superior goods.
3Thank You