Difference between revisions of "Giffen good"
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| − | + | [[Giffen good]] is the theoretical but unrealistic possibility that a higher price for a good could lead to a higher quantity demanded (or a lower price leads to a lesser quantity demanded). | |
==Definition== | ==Definition== | ||
According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | According to [[Principles of Economics by Timothy Taylor (3rd edition)]], | ||
| − | + | :[[Giffen good]]. The theoretical but unrealistic possibility that a higher price for a good could lead to a higher quantity demanded (or a lower price leads to a lesser quantity demanded). | |
[[Category: Economics]][[Category: Articles]] | [[Category: Economics]][[Category: Articles]] | ||
Latest revision as of 03:30, 2 June 2020
Giffen good is the theoretical but unrealistic possibility that a higher price for a good could lead to a higher quantity demanded (or a lower price leads to a lesser quantity demanded).
Definition
According to Principles of Economics by Timothy Taylor (3rd edition),
- Giffen good. The theoretical but unrealistic possibility that a higher price for a good could lead to a higher quantity demanded (or a lower price leads to a lesser quantity demanded).
