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Law of demand

66 bytes added, 14:35, 7 May 2011
Giffen goods
The explanation for the Giffen effect is that an increase in price in this case leads to a ''decrease'' in effective income (which is one of the exogenous determinants of demand), which, combined with the [[inferior good]] nature, increases demand.
Empirical Although there is some empirical evidence for the existence of Giffen goods , the Giffen good phenomenon is weakbelieved to be rare.
===Veblen goods===
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