If a good is characterized as a Giffen good it must be an inferior good.

Name: If a good is characterized as a Giffen good it must be an inferior good.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A Giffen good is a type of inferior good where an increase in its price leads to an increase in its demand. This is contrary to the typical law of demand and only occurs in certain situations with very specific types of goods, such as staple foods in certain low-income regions. Therefore, a good characterized as a Giffen good must be an inferior good.

If a Good Is Characterized as a Giffen Good It