| 单词 | Giffen good |
| 释义 | Giffen good Giffen good A product that, contrary to normal theories of economic demand, tends to be bought in greater quantities as its price rises. It is typically an inferior good, such as a cheap staple food, for which there are limited substitutes. When the price of bread rises, for example, poorer families are less able to afford more expensive substitutes and will therefore consume more bread. The concept is named after the economist Sir Robert Giffen. CompareVeblen good. |
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