Economics · Consumer Behavior
Assertion (A): Giffen goods violate the law of demand. Reason (R): When the negative income effect of a price change outweighs the substitution effect, the law of demand will not hold.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1(A) is incorrect but (R) is correct
- 2(A) is correct but (R) is not correct
- 3Both (A) and (R) are correct but (R) is not the correct explanation of (A)
- 4Both (A) and (R) are correct and (R) is the correct explanation of (A)✓
Correct answer
Both (A) and (R) are correct and (R) is the correct explanation of (A)
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