Economists use the term Giffen good to describe a good that violates the law of demand.

Name: Economists use the term Giffen good to describe a good that violates the law of demand.
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A Giffen good is a good that when the price increases, demand increases as well, violating the law of demand. This is a rare occurrence and goes against the basic principle of demand, but is possible when a good is considered a necessity and there are no close substitutes available at a lower price.

Economists Use the Term Giffen Good to Describe a Good