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
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).
