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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
- UGC NET
- Management
Please correct this answer
UGC NET ,In paper 2-management material, chapter 1,in managerial economics topic ( Q ) Giiffen goods are those goods options (A)for which demand increases as price decreases) (B)which are in short supply (C)which have high elasticity of demand (D)which gives rise to a cob-web situation *Ans. (A) please explain this answer....
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Eduncle![best-answer]()
Dear student,
Greetings!!
Giiffen goods are those goods options :
(A) for which demand increases as price increases
(B) which are in short supply
(C) which have high elasticity of demand
(D) which gives rise to a cob-web situation
Sol. (A) A Giffen good is a low income, non-luxury product for which demand increases as the price increases and vice versa. A Giffen good has an upward-sloping demand curve which is contrary to the fundamental laws of demand which are based on a downward sloping demand curve.
Thank you for asking your query.
thank you. mistake in options so I got confusion