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→top: Spelling/Grammar Check, typos fixed: a increase → an increase
A '''Giffen good''' is a product or commodity that has a increase in demand when its price increases. This violates the general law of [[supply and demand]] and is very unusual or even non-existent. An equivalent way of defining a Giffen good is to say the rise in its price causes an increase in its demand. One possible example may be with art paintings.
A '''Giffen good''' is a product or commodity that has an increase in demand when its price increases. This violates the general law of [[supply and demand]] and is very unusual or even non-existent. An equivalent way of defining a Giffen good is to say the rise in its price causes an increase in its demand. One possible example may be with art paintings.
For a Giffen good to exist, theoretically three extraordinary economic characteristics must exist at the same time:
For a Giffen good to exist, theoretically three extraordinary economic characteristics must exist at the same time: