Giffen goods
Giffen goods are theoretical and would have an upward-sloping demand curve.
Has postive suubstitution effect and negative income effect.
Its income effect is larger than substitution effect, so when price decreases, Q also decreases.
Giffen goods are theoretical and would have an upward-sloping demand curve.
Has postive suubstitution effect and negative income effect.
Its income effect is larger than substitution effect, so when price decreases, Q also decreases.
Upvoted! Thank you for supporting witness @jswit.