Practicing Success
Practicing Success
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Which of the following is true in regards to "Giffen goods"? |
They are highly inferior products Giffen goods are used by the elite section of society because of its unavailability With increase in price their demand decreases All of the above |
They are highly inferior products |
The correct answer is Option 1 :They are highly inferior products Giffen goods are highly inferior goods, who violate the law of demand. With increase in price of the goods, their demand increases and with decrease in price of the goods their demand decreases. |
