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Giffin Goods, introduced by Sir Robert Giffin, defy the Law of Demand by having an increased price lead to an increased quantity demanded, as observed by Bhoomi in a village setting. The concept extends to items like potatoes in Italy and rice in South Indian states, emphasizing the importance of understanding exceptions in economic theories for further learning.
Insights
- Giffin Goods, introduced by Sir Robert Giffin, defy the Law of Demand by increasing in demand when their price rises, showcasing their unique nature as inferior goods.
- The concept of snob appeal goods, exemplified by Mukesh Ambani's interest in luxury items, highlights how demand for such goods remains high despite price increases, emphasizing the psychological aspects influencing consumer behavior.
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Recent questions
What are Giffin Goods?
Goods that defy Law of Demand by increasing demand.
How do Giffin Goods impact demand?
They maintain high demand despite price increases.
What is the Law of Demand?
Price increase leads to quantity demanded decrease.
How do Giffin Goods challenge economic theories?
By defying traditional demand-price relationship.
How do Giffin Goods reflect consumer behavior?
By showcasing demand increase with price rise.
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