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.
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Famous quotes containing the word goods:
“By right or wrong,
Lands and goods go to the strong.
Property will brutely draw
Still to the proprietor;
Silver to silver creep and wind,
And kind to kind.”
—Ralph Waldo Emerson (1803–1882)