Earlier quoted context omitted.
You'd have to convince me that lobster is a Veblen good. Yes, it's often priced as a luxury good once you get away from the New England coast--and sometimes even there--but that's not the same thing as saying higher prices increase demand. I expect the restaurant selling $25 lobster rolls would sell more if they were a more reasonable $12 but they might not make as much money. I do like lobster when the price is reas…
Higher prices increase demand are called giffen goods iirc. Veblen goods are goods that people buy to signal their higher status. (No opinion on whether lobsters outside of New England are Veblen goods. Am vegetarian)
It's not clear that Giffen Goods actually exist.