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Sir Robert Giffen a British Economist of19th century found that when the prices of commodities fell its demand also goes down because according to him when prices fall the income of the person rises up so they went for better quality products..he named these goods as Giffen goods which means inferior goods..Sir am I right?
Agreed with the answer given by Miss Sara.
According to the Law of Demand, when the price of a commodity falls the demand for it rises. Giffen's Paradox is an exception to this law.
According to the Law of Demand, when the price of a commodity falls the demand for it rises. Giffen's Paradox is an exception to this law. It is named after the19th century British economist, Sir Robert Giffen, who found that when the price of bread fell, the demand for it also fell.
When the price of a commodity falls the demand for it rises.
