A Giffen good is not correctly described by which of the following?
A.A Giffen good must be an inferior good.
B.A Giffen good must be such that the income effect and the substitution effect move in opposite directions, and the income effect outweighs the substitution effect.
C.A Giffen good must be such that the substitution effect outweighs the income effect for an inferior good.
D.A Giffen good must have an upward-sloping demand curve.

Question

Quizplus · Accepted Answer

The Answer of A Giffen good is not correctly described by which of the following?
A.A Giffen good must be an inferior good.
B.A Giffen good must be such that the income effect and the substitution effect move in opposite directions, and the income effect outweighs the substitution effect.
C.A Giffen good must be such that the substitution effect outweighs the income effect for an inferior good.
D.A Giffen good must have an upward-sloping demand curve.

A Giffen Good Is Not Correctly Described by Which of the Following