Advertisements
Advertisements
Question
What are Veblen goods?
Solution
Veblen goods are rich men's goods. Rich people buy these goods because they are different from commonly used goods.
APPEARS IN
RELATED QUESTIONS
With an increase in income, the consumption of which good, the consumer reduces ______.
The demand for a Good X increases when the price of its substitute ______ OR when the price of its complements ______.
Mobile phones and SIM cards are examples of ______.
What are inferior goods?
What do you mean by complementary goods?
Differentiate between Giffen goods and inferior goods.
Explain how quantity demanded for commodity X will be affected by An increase in the price of its substitute.
Explain how quantity demanded for commodity X will be affected by Consumer credit facility.
Explain any four factors affecting the demand for a commodity.
Give two examples of substitute goods.