Discover exceptions to the law of demand, like Giffen and Veblen goods, and understand why they don't disprove core economic ...

If Apple is indeed a Veblen brand (or more accurately, the goods produced by Apple are Veblen Goods) then why not try to raise the price of the next iPhone by $100? For the increase in price might ...

For most products and services, there is an inverse relationship between price and demand. That is, when the price goes up, demand goes down. However, for Veblen goods, there is a direct relationship ...

A Veblen good is a product that challenges conventional economic theory. Normally, when the price of something increases, demand tends to drop. But for Veblen goods, the opposite occurs — demand ...

In economics, goods and services can be classified in different ways. You might be surprised to realise you already knew this, even without knowing their classification names. Most goods and services ...

As we all know Apple's now the most valuable stock market company based ever. As long as we ignore inflation, don't count the size of the economy it's sitting in and so on. But well done to them, they ...

What are Veblen goods? How are they different from regular goods and commodities and how is bitcoin a Veblen good? For most products and services, there is an inverse relationship between price and ...

A good for which demand increases when its price increases, and vice versa. Luxury goods like diamonds, whose appeal depends on their exorbitant price, are an example. It is named after American ...