• 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
  • Stacey Warren - Expert
Hey! We 've verified this expert answer for you, click below to unlock the details :)
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
  • schrodinger
I got my questions answered at in under 10 minutes. Go to now for free help!
  • 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.

Looking for something else?

Not the answer you are looking for? Search for more explanations.