What Is Veblen And Giffen Goods?

What Is Veblen And Giffen Goods?
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  1. Luxury products or goods whose demand increases with an increase in their price are known as Veblen goods.
    Example of Veblen goods are diamonds, luxury cars, etc.
    Giffen goods are inferior goods whose demand rise with and increase in the price and fall with decreasing prices. These are goods that have no substitute.
    Examples of Giffen goods are rice, wheat, etc.

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