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:
“Sir: Between buccaneers, no ceremony; I take your dry goods, and in return I send you pimento; therefore, we are now even. I entertain no resentment.... Nothing can intimidate us; we run the same fortune, and our maxim is that the goods of this world belong to the strong and valiant.”
—For the State of Florida, U.S. public relief program (1935-1943)