Giffen Paradox And Substitution Effect. A good for which demand increases as the price increases, because of its exclusive nature and appeal as a status symbol. Giffen's paradox and falsifiability, weltwirtschaftliches archiv, bd.
It illustrates how changes in the prices of products affect the demand for those products. The difference is that, while normal goods can become giffen goods when the giffen effect is at play, the effect can disappear again.
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