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Question
Status Symbol Commodity is associated with the name of ___________.
Status Symbol Commodity is associated with the name of ___________.
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Solution
The correct option is D Thorstein veblen
Status Symbol Commodity is associated with the name of Thorstein Veblen. These are the luxury goods as the demand of such goods increases with increase in its price. This is a contradiction of the law of demand. Since Veblen identified the concept, hence they are also called Veblen goods.
Status Symbol Commodity is associated with the name of Thorstein Veblen. These are the luxury goods as the demand of such goods increases with increase in its price. This is a contradiction of the law of demand. Since Veblen identified the concept, hence they are also called Veblen goods.
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