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    Question

    Goods whose demand increases as their price rises are

    known as?
    A Inferior goods Correct Answer Incorrect Answer
    B Veblen goods Correct Answer Incorrect Answer
    C Normal goods Correct Answer Incorrect Answer
    D Luxury goods Correct Answer Incorrect Answer

    Solution

    Veblen goods are luxury items for which demand increases as their price rises, as higher prices increase their perceived value or status.

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