is gold a giffen good.

Dear Student,

The answer given by Heena is correct. Gold is not a giffen good as giffen goods are highly inferior goods and their demand shares a negative relationship with the income of the consumer. However, gold is a status symbol good and it has a positive income effect.

Keep Posting!!

  • 1
no gold is not a giffen good as giffen goods are inferior goods
  • 2
What are you looking for?