Giffen Good
A rare type of consumer good in that an increase in income actually decreases demand. A Giffen good is an extreme form of inferior good. It arises because the income effect is opposite to and outweighs the substitution effect.
A rare type of consumer good in that an increase in income actually decreases demand. A Giffen good is an extreme form of inferior good. It arises because the income effect is opposite to and outweighs the substitution effect.