Giffen Goods
A special type of inferior good may exist known as the Giffen good, which would disobey the "law of demand". Quite simply, when the price of a Giffen good increases, the demand for that good increases. This would have to be a good that is such a large proportion of a person or market's consumption that the income effect of a price increase would produce, effectively, more demand. The observed demand curve would slope upward, indicating positive elasticity.
Read more about this topic: Inferior Good
Famous quotes containing the word goods:
“Undoubtedly equality of goods is just; but, being unable to cause might to obey justice, men has made it just to obey might. Unable to strengthen justice, they have justified might—so that the just and the strong should unite, and there should be peace, which is the sovereign good.”
—Blaise Pascal (1623–1662)