Some rights reserved by Marshall Astor – Food Pornographer

Once you have learned about the theory behind Giffen goods, Veblen goods, and the role of expectations in theoretically causing an upwards sloping demand curves, it is well worth reading these articles:

As price goes up, so does demand – The Economist July 2007

How Rat Meat Becomes a Rarity – DANIEL HAMERMESH – NY Times

Remember: in IB Economics, it is always useful to be prepared to evaluate the assumptions behind the theory. Do you still accept that the demand curve can slope upwards? Why / why not? What assumptions have been made?