A Giffen good is a good whose demand curve
A) is upward sloping
B) is downward sloping
C) jumps from one point on the quantity axis to another, leaving a gap

Question

Quizplus · Accepted Answer

A Giffen good is a unique type of inferior good, meaning that as the price of the good increases, the quantity demanded also increases. This results in an upward sloping demand curve, which is the opposite of what we usually see with goods as their price increases.

A Giffen Good Is a Good Whose Demand Curve