RE: Economic Concepts - Giffen Goods (Video) by donaldpete

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· @donaldpete · (edited)
$0.19
With my little knowledge of economics in high school, am well aware of the fact that giffen goods are good for which demand increases as the price increases, and falls when the price decreases. And it is typically some set of inferior goods that does not have easily available substitutes. With my above assertion I'm able to infer that bananas are not giffen goods since I know like 6 substitutes for it, wheat flour still follows this philosopy but C (dominos pizza) does not have an easy substitutes and its not everyone food. So the price might increase according to demands from comsumers, wealthy ones.
Question 1 = C
Question 2 = D
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