Higher the price of certain luxurious articles, the higher will be the demand, this concept is called__________
A. Giffen effects
B. Veblen effects
C. Demonstration effects
D. Both b & c
Answer:B
Higher the price of certain luxurious articles, the higher will be the demand, this concept is called__________
A. Giffen effects B. Veblen effects C. Demonstration effects D. Both b & c