Goods with upward-sloping demand curves are referred to as
A)marshall goods.
B)giffen goods.
C)substitute goods.
D)luxury goods.

Name: Goods with upward-sloping demand curves are referred to as A)marshall goods. B)giffen goods. C)substitute goods. D)luxury goods.
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Question

Quizplus · Accepted Answer

Giffen goods are a type of inferior goods for which demand increases as the price increases, due to the strong income effect of a price increase that outweighs the substitution effect. This results in an upward-sloping demand curve.

Goods with Upward-Sloping Demand Curves Are Referred to as