Question

Goods for which demand increases as their price rises are known as:

Q: Answer-Goods for which demand increases as their price rises are known as:

Giffen goods are a special type of inferior good for which demand increases as the price rises, due to the fact that these goods make up a large portion of a consumers budget and the income effect outweighs the substitution effect.

A Essential goods

B Capital goods

C Veblen goods

D Giffen goods

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Goods for which demand increases as their price rises are known as:

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