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Question
What is meant by Giffen Goods?
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Solution
Giffen goods are those goods which possess positive relationship with demand and price of the good. As the price of the Giffen goods rises, the demand also rise and vce-versa. That is why the demand curve of Giffen goods slopes upward.
As the price of the Giffen goods rises, the demand also rise and vce-versa. That is why the demand curve of Giffen goods slopes upward.
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