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:
“The power of consumer goods ... has been engendered by the so-called liberal and progressive demands of freedom, and, by appropriating them, has emptied them of their meaning, and changed their nature.”
—Pier Paolo Pasolini (1922–1975)