Giffen Goods

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Giffen Goods
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• Giffen Goods are those in which demand
  increases as the price increases and when the
  price decreases then demand is also decreases. A
  giffen goods has an upward slopping demand curve.
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• If a good is inferior, a drop in income
  increases the quantity of the goods that is
  demanded. A giffen goods has an upward slopping
  because of the income effect the dominate effect
  means that quantity demand increases when the
  prices increases.