For a giffen good, when price falls
A) demand increases at a faster rate
B) demand decreases
C) demand remains constant
D) demand curve has a negative slope
Correct Answer:
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Q10: "Utility or satisfaction is a subjective concept;
Q11: The basic doctrine of consumers surplus is
Q12: According to Marshall, The law of diminishing
Q13: Indifference curve is always
A)concave to the origin
B)convex
Q14: Price effect is
A)income effect - substitution effect
B)substitution
Q16: Inferior goods are the goods with
A)falling income
Q17: Which of the following is called gossans
Q18: According to Marshall consumer surplusis:
A)total utility -
Q19: If both the products X & Y
Q20: Which of the following statement is TRUE
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