Articles of prestige value used by rich people as status symbol for increasing their social prestige and/or for displaying wealth is known as:

CA Foundation · Business Economics · PYQS · May 2026
Articles of prestige value used by rich people as status symbol for increasing their social prestige and/or for displaying wealth is known as:
(A) A. Speculative goods.
(B) B. Conspicuous goods
(C) C. Giffen goods
(D) D. Inferior goods

Suggested Answer and Working Notes:

Correct Answer: Option (B)

B. Conspicuous goods

Topics: Theory of Demand and Supply

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