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I think some socialist or other ideology pusher was trying too hard to find an exception
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.
* "There is no way to buy more potatoes when there are fewer potatoes. Thus, the Giffen legend concerning the great potato famine appears at best to be a misinterpretation of some observed but misunderstood phenomenon, and at worst a kind of hoax." [http://www.questia.com/googleScholar.qst;jsessionid=KJGB9YyNvyL1pjkp56C2BQfrF2GwvdyxRFYZXlDsgQN3p53LNPrG!766828861!343156199?docId=5000354671]
==Utility==
==Utility==