Advertisements
Advertisements
प्रश्न
Explain the following diagram with reference to the concept of Giffen goods.
The demand curve can slope upwards from left to right. Give one argument in support of this statement.
उत्तर
Giffen products are inferior items whose demand increases as the price of a good rises. This is an exception to the Law of Demand.
For example, a commodity such as jowar is a requirement for poor people. When its price rises. Consumers are obliged to reduce their use of other items such as milk and meat, and since jowar is the cheapest, they will buy and consume more of it.
APPEARS IN
संबंधित प्रश्न
State with reason whether you agree or disagree with the following statement.
When price of Giffen goods fall, the demand for it increases.
State with reasons whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
State with reason whether you agree or disagree with the following statements:
When price of Giffen goods fall, the demand for it increases.
State with reasons whether you agree or disagree with the following statements :
When price of Giffen goods fall, the demand for it increases.
'Price is an indicator of quality'. The statement applies to ______.
State with reasons whether you agree or disagree with the following statement:
When price of Giffen goods fall, the demand for it increases.
Mention one exception to the law of demand. Give one point only.
Give one point each of similarity and dissimilarity between Giffen goods and Veblen goods.
What are Giffen goods?
Why are prestige good an exception to the law of demand?
