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→For Honors Students Only: Giffen Goods: added "Veblen good" per the insightful comment on the talk page
Giffen goods are exceptions to the Law of Demand ... if Giffen goods really exist! Many, including your teacher, are skeptical that there really is such a thing as a Giffen good.
Giffen goods are exceptions to the Law of Demand ... if Giffen goods really exist! Many, including your teacher, are skeptical that there really is such a thing as a Giffen good.
Economist Thomas Veblen suggested that a "status symbol," like a fancy car or diamond, can have an increase in demand when its price goes up. While "status symbols" certainly do exist, it is questionable whether the demand for them ever increases due to an increase in price. If it does occur, then it is a "Veblen good."
==Utility and Diminishing Marginal Utility==
==Utility and Diminishing Marginal Utility==