Veblen Goods

-Veblen goods are considered exceptions to the law of demand.Law of Demand states that the demand for a good must decrease as its price increases, and vice versa. However, Veblen goods are goods for which demand increases when its price increases, and vice versa.

-Luxury goods like diamonds, whose appeal depends on their exorbitant price, are an example of Veblen goods.

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