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10 August 2017 Part-2: Daily News Analysis(in Hindi)
2 years ago
A good for which demand increases as the price increases, because of its exclusive nature and appeal as a status symbol. A Veblen good, like a Giffen good, has an upward-sloping demand curve, which runs counter to the typical downward-sloping curve. However, a Veblen good is generally a high-quality, coveted product, in contrast to a Giffen good which is an inferior product that does not have easily available substitutes. As well, the increase in demand for a Veblen good reflects consumer tastes and preferences, unlike a Giffen good, where higher demand is directly attributable to the price increase. Read more: Veblen Good http://www.investopedia.com/terms/v/veblen-good.asp#ixzz4pMfp1vZG Follow us: Investopedia on Facebook