Economics · Consumer Behavior & Demand Theory
In consumer behavior and microeconomics, a 'Veblen Good' is characterized by:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1An increase in demand as its price increases due to its status as a luxury or prestige item.✓
- 2A decrease in demand as consumer income increases due to the product being an inferior substitute.
- 3An increase in demand as its price decreases in accordance with the standard law of demand.
- 4A lack of change in demand regardless of price fluctuations due to the essential nature of the product.
Correct answer
An increase in demand as its price increases due to its status as a luxury or prestige item.
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