Home > Term: गिफिन उत्पाद
गिफिन उत्पाद
A good that is so inferior and so heavily consumed at low incomes that the demand for it rises when its price rises. The reason is that the price increase lowers income sufficiently that the positive income effect (because it is inferior) outweighs the negative substitution effect.
- Part of Speech: noun
- Industry/Domain: Economy
- Category: International economics
- Company: University of Michigan
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Creator
- mitraashutosh
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(India)