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For occasion, so-called Veblen goods are things for which demand will increase as their price rises, as they’re perceived as status symbols. Similarly, demand for Giffen items (which, in contrast to Veblen goods, aren’t luxurious items) rises when the value goes up and falls when the value falls. These are typically common requirements and important objects with few good substitutes at the same price levels. The law of demand tells us that if extra people want to purchase one thing, given a limited supply, the worth of that thing shall be bid larger. Likewise, the higher the value of a…