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When prices go up, can demand increase too?
short by Labour Law Advisor / on Monday, 27 January, 2025
Price and demand are inversely related. When the price goes up, the demand decreases, and vice versa. But in the case of Giffen goods, i.e., non-luxury items, when prices go up, the demand also increases. Why? Since people can no longer afford luxury items, they settle for more of the basic goods.
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