A Giffen good is one in which the _____ curve is _____ sloping.
A) supply;downward
B) demand;downward
C) supply;upward
D) demand;upward

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 quantity demanded. This violates the law of demand, which states that as the price of a good increases, the quantity demanded decreases. Therefore, the demand curve for a Giffen good is upward-sloping.

A Giffen Good Is One in Which the _____ Curve