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Yed formula3/15/2023 Giffen Good – goods of a lower quality bought by lower-income families e.g. As price rises, quantity demanded falls and vice versa. Normal good – goods which obey the law of demand. As the price of these goods goes up so does the quantity demanded. Giffen goods, Snobs goods and goods that are affected by consumer’s expectations can have an upward sloping demand curve. We know that not all goods obey the law of demand.
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