Use the following two statements in answering this question:
I. All Giffen goods are inferior goods.
II. All inferior goods are Giffen goods.

Name: Use the following two statements in answering this question: I. All Giffen goods are inferior goods. II. All inferior goods are Giffen goods.
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Question

Quizplus · Accepted Answer

Statement I is true because Giffen goods are a special type of inferior goods. However, statement II is false because not all inferior goods are Giffen goods, only some are.

Use the Following Two Statements in Answering This Question