Economics · Theory of Demand
A consumer good is classified specifically as a 'Giffen good' when its:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Income effect is negative and its absolute value is greater than the substitution effect✓
- 2Income effect is less than the substitution effect
- 3Income effect is equal to the substitution effect
- 4Income effect is positive and greater than the substitution effect
Correct answer
Income effect is negative and its absolute value is greater than the substitution effect
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