Find the odd word : Exceptions to the Law of supply : Giffen’s goods, Supply of labour, Perishable goods, Rare goods
Q.1 (C) (ii) Find the odd word : Exceptions to the Law of supply : Giffen’s goods, Supply of labour, Perishable goods, Rare goods
Q.1 (C) (ii) Find the odd word : Exceptions to the Law of supply : Giffen’s goods, Supply of labour, Perishable goods, Rare goods
Best answer
Answer: Giffen’s goods
Supply of labour (backward bending supply curve), perishable goods and rare articles are exceptions to the law of supply. Giffen’s goods are an exception to the law of demand, not supply.
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