Economics · Demand and Consumer Behaviour

Which of the following statements about Giffen goods is INCORRECT?

Verified Solution4 OptionsUpdated: October 2026👁️1 View

1Veblen goods differ from Giffen goods because Veblen goods focus on luxury items.
2Demand for Giffen goods is not influenced by a lack of close substitutes and income pressures.✓
3A Giffen good has an upward-sloping demand curve.
4A Giffen good is a type of good for which demand increases as the price increases.

Correct answer

Demand for Giffen goods is not influenced by a lack of close substitutes and income pressures.

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