Multiple Choice Questions on The goods which people consume more when their price rises because of its exclusive nature and appea........... for General Studies (Level 1) Preparation

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Multiple Choice Questions

The goods which people consume more when their price rises because of its exclusive nature and appea...........

Indian Economy (Easy) Inflation
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    The goods which people consume more, when their price rises, because of its exclusive nature and appeal as a status symbol are called _______.

    Essential goods

    Incorrect Answer

    Capital goods

    Incorrect Answer

    Veblen goods

    Correct Answer

    Giffen goods

    Incorrect Answer
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    Explanation:

    A veblen good is a good for which demand increases as the price increases, because of its exclusive nature and appeal as a status symbol.

    By: MIRZA SADDAM HUSSAIN
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