The correct answer is: None of these.
The phenomenon of demand increasing when the price increases is called a Giffen good. Giffen goods are a type of inferior good, which is a good whose demand decreases when the consumer’s income increases. In other words, Giffen goods are goods that people consume more of when they have less money to spend.
There are a few reasons why Giffen goods might exist. One reason is that Giffen goods are often necessities, such as food. When the price of food goes up, people may have to spend more of their income on food, leaving them with less money to spend on other goods. This can lead to an increase in the demand for food, even though the price has gone up.
Another reason why Giffen goods might exist is that they are often complements to other goods. For example, bread and butter are often complements. If the price of bread goes up, people may be more likely to buy butter, since it is now a relatively cheaper good. This can lead to an increase in the demand for butter, even though the price of butter has not gone up.
Giffen goods are a relatively rare phenomenon, but they do exist. It is important to be aware of Giffen goods, since they can have a significant impact on the economy.
Here is a brief explanation of each option:
- Vote against Marshall: This is not a correct answer, since there is no such thing as a “vote against Marshall”. Alfred Marshall was a British economist who is considered one of the founders of modern economics.
- Vote against Giffen: This is not a correct answer, since Giffen goods are a type of inferior good, not a type of vote.
- Vote against Veblen: This is not a correct answer, since Veblen goods are a type of luxury good, not a type of vote.
- None of these: This is the correct answer, since there is no such thing as a “vote against Marshall”, a “vote against Giffen”, or a “vote against Veblen”.