Only for genius or moderators...Please help me,,, Ques is that ,, What's the difference between GIFFEN GOODS and INFERIOR GOODS...??? URGENT!!!
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Adityasingh9567
Giffen good is a special type of inferior good whose demand increases as the price of the good increases . the difference between the two is that while all giffen goods are inferior, all inferior goods are not necessarily giffen.
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ashish3624
Definition of inferior goods: An inferior good is a type of good whose demand declines when income rises. In other words, demand of inferior goods is inversely related to the income of the consumer.
Ajaylikeselectronic
so does that mean if I have a higher income, then I won't demand for that particular good? how is that relatable? plzzz explain.. ashish3624
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