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:
“A man hath no better thing under the sun, than to eat, and to drink, and to be merry.”
—Bible: Hebrew Ecclesiastes, 8:15.
Compare with Luke 12:19: “And I will say to my soul, Soul, thou hast much goods laid up for many years; take thine ease, eat, drink, and be merry.”