Solved UPSC CDS/OTA Question
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Q · Demand and SupplyMedium · 45s
Consider the following statements: 1. Veblen goods show a direct price-demand relationship. 2. Giffen goods and Veblen goods both defy the Law of Demand but for different reasons. Which is/are correct?
TopicDemand and Supply
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
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Both statements are correct. Veblen goods are luxury status goods; Giffen goods are inferior goods.
Final Answer: Option C - Both 1 and 2