Question

Define Giffen goods.

Answer 1

1:Giffen goods are those inferior goods in the case of which there is a positive relationship between price and quantity demanded.
2:A Giffen good is a low income, a non-luxury product that defies standard economic and consumer demand theory.

3:Demand for Giffen goods rises when the price rises and falls when the price falls.
Examples of Giffen goods can include bread, rice, and wheat.