Economics · Microeconomics
A Giffen good can exist only if:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Hicksian demand is upward sloping
- 2The good is inferior and income elasticity is less than -1
- 3Income effect is negative and larger than substitution effect✓
- 4Substitution effect dominates income effect
Correct answer
Income effect is negative and larger than substitution effect
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