if the price of a commodity Z falls and a consu... - WAEC Economics 2015 Question
if the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
A
necessity
B
good of ostentation
C
normal good
D
giffen good
correct option: b
An ostentatious Good is a good where demand is often greater when the price of it is higher. These are goods we buy in order to 'keep up with the Jones'. The good may give little actual utility apart from the pride of owning something very few other people own.
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