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Question
State two circumstances under which the demand curve slopes upward to the right.
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Solution
Two circumstances under
which the demand curve slopes upward to the right are in case of the
following:
Status symbol goods: These
goods are demanded even at higher price as they are status symbol. Examples are
diamonds, gold, etc.
‘Giffen goods’: These are
demanded more when the price is higher and less of these is demanded at a lower
price.
Two circumstances under which the demand curve slopes upward to the right are in case of the following:
Status symbol goods: These goods are demanded even at higher price as they are status symbol. Examples are diamonds, gold, etc.
‘Giffen goods’: These are demanded more when the price is higher and less of these is demanded at a lower price.
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