Giffen Good

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August 31, 2024 4 min read Definitions
Giffen Good: An Economic Anomaly
Economics Microeconomics Giffen Good Inferior Goods Demand Theory Economics Anomalies Consumer Behavior
Giffen Good is an economic term for a good whose quantity demanded decreases as its price falls, contrary to the basic law of demand. This phenomenon occurs under specific conditions such as the good being inferior with limited substitution possibilities.
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