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      Question

      Goods whose demand increases as their price rises are

      known as?
      A Inferior goods Correct Answer Incorrect Answer
      B Veblen goods Correct Answer Incorrect Answer
      C Normal goods Correct Answer Incorrect Answer
      D Luxury goods Correct Answer Incorrect Answer

      Solution

      Veblen goods are luxury items for which demand increases as their price rises, as higher prices increase their perceived value or status.

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