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High Quality Content by WIKIPEDIA articles! In economics, Veblen goods are a group of commodities for which peoples’ preference for buying them increases as a direct function of their price, as greater price confers greater status, instead of decreasing according to the law of demand. Some types of high-status goods, such as high-end wines, designer handbags and luxury cars, are Veblen goods, in that decreasing their prices decreases people’s preference for buying t… More >>