Giffen Goods: Definition, Examples & Demand Curve Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What happens to the demand of a Giffen good when the price increases?

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1. Which of the following has been cited as examples of a Giffen good?

2. What conditions must be met for a product to be a Giffen good?

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About This Quiz & Worksheet

This quiz and worksheet reviews your understanding of what a Giffen good is and why it is so rare to find. You'll test your knowledge of the factors that qualify it as a Giffen good and an example.

Quiz & Worksheet Goals

This quiz and worksheet was created to test your knowledge of:

  • What happens to the demand when the price of a Giffen good increases
  • An examples of a Giffen good
  • The number of conditions that must be met to be a Giffen good
  • What the demand and value graph looks like for a Giffen good

Skills Practiced

  • Knowledge application - review what you know about the conditions that make a product a Giffen good to answer a question about it
  • Making connections - use what you know of Giffen goods to understand how price affects demand of these goods
  • Interpreting information - verify that you read how demand changes for most products when the price increases and interpret it correctly

Additional Learning

If you wanted to review more details about this topic, you can find it in the lesson, Giffen Goods: Examples & Demand Curve. This lesson offers a more comprehensive review of:

  • Qualities of most Giffen goods
  • Lack of substitutes
  • Examples of Giffen goods
  • How Giffen goods work among rising prices
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