Giffen good/Definition: Difference between revisions
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An "inferior product" for which the amount demanded falls when its price falls (because the increase in income resulting from the price reduction prompts the consumer to switch expenditure to a more expensive product). | An "inferior product" for which the amount demanded falls when its price falls (because the increase in income resulting from the price reduction prompts the consumer to switch expenditure to a more expensive product). | ||
Latest revision as of 23:23, 22 May 2008
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Giffen good [r]: An "inferior product" for which the amount demanded falls when its price falls (because the increase in income resulting from the price reduction prompts the consumer to switch expenditure to a more expensive product).