A Giffen good:
A)is a theoretical impossibility.
B)is an inferior good.
C)is a normal good.
D)is an essential good.

Name: A Giffen good: A)is a theoretical impossibility. B)is an inferior good. C)is a normal good. D)is an essential good.
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Question

Quizplus · Accepted Answer

A Giffen good is a rare type of inferior good where an increase in its price leads to an increase in its quantity demanded, which goes against the law of demand. This type of good is named after the economist Sir Robert Giffen.

A Giffen Good