General Knowledge · Microeconomics
In economics, a 'Giffen Good' is characterized by:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Having no substitute goods in the market
- 2Perfectly elastic demand across all price ranges
- 3An upward-sloping demand curve where demand increases as price increases✓
- 4A steep rise in demand when consumer income increases
Correct answer
An upward-sloping demand curve where demand increases as price increases
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