Question : In which of the following cases does the law of demand fail?
Option 1: Giffen goods
Option 2: Normal goods
Option 3: Inferior goods
Option 4: Both Giffen and inferior goods
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Correct Answer: Giffen goods
Solution : The correct answer is Giffen goods .
The law of demand generally holds that when a good's price goes up, people tend to buy less of it, and when its price goes down, they buy more. However, Giffen goods stand as a unique exception to this principle. Giffen goods, while uncommon, are typically linked to essential but lower-quality products, such as basic staple foods.
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