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प्रश्न
What are Giffen goods?
उत्तर
Giffen goods are poor man's goods which people consume more as their prices rise.
APPEARS IN
संबंधित प्रश्न
State with reason whether you agree or disagree with the following statement:
There are no exceptions to the law of demand.
Questions:
- Demand Curve D1D1indicates ______ (1m)
- Demand Curve D2D2indicates______ (1m)
- Name the above diagram and explain. (2m)
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Questions:
- Diagram’ A ‘represents _____in demand (1m)
- Diagram ‘B’ represents _____in demand (1m)
- In diagram ‘A’ movement of demand curve is in_____ direction (1m)
- In diagram ‘B’ movement of demand curve is in______ direction (1m)
State with reason whether you agree or disagree with the following statements:
When price of Giffen goods fall, the demand for it increases.
When price of Giffen goods fall, the demand for it increases.
“The inverse relationship between price and quantity demanded does not hold good in many cases.”
- Justify the above as Yes or No.
- If justified, explain in brief the Giffen Effect.
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.
State two circumstances under which the demand curve slopes upwards to the right.
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.
