Giffin and Veblin goods PPT
The substitutioneffect, on the other hand, relates to the change in demand for a goodresulting from a change in the price of a substitute good. In the case ofGiffen goods, the limited financial resources of consumers force them tosubstitute higher-priced goods with lower-priced alternatives. However, sinceGiffen goods are often considered inferior and have no close […]
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