Can I say that the giffen good is a type inferior goods with the lowest prices/quality/level??
The answer is yes. Both giffen and inferior good has negative income effect, but it only dominates the positive sub. effect with respectto the the former
Can I say that the giffen good is a type inferior goods with the lowest prices/quality/level??
The answer is yes. Both giffen and inferior good has negative income effect, but it only dominates the positive sub. effect with respectto the the former