Changes

A '''Giffen Good''' is a [[good]] for which [[demand]] increases when its price rises.  [[Alfred Marshall]] wrote: “As Mr. Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer [laboring] families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it.”

A '''Giffen Good''' is a [[good]] for which [[demand]] increases when its price rises.  [[Alfred Marshall]] wrote: “As Mr. Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer laboring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it.”

[[Category:Economics]]

[[Category:Economics]]