anonymous
  • anonymous
Can a house be considered a giffen good given the fact the day by the price of condos and houses are increasing but their demand still remains high given the fact that a house is considered to be one the basic necessities of life in Economics ?
OCW Scholar - Principles of Microeconomics
jamiebookeater
  • jamiebookeater
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love
  • love
This might be the case when supply is not been able to match and demand is so strong that it appear as demand is rising even when prices are high. It might be other way, that supply is less, demand is high so prices are rising. New projects will be announced, new high rises wld come up to satisfy that demand as happening in my country INDIA. I hope i answered your question.

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