Economics · Demand Analysis
The definitive characteristic that distinguishes a Giffen good from an ordinary inferior good is observed when:
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1The income elasticity of demand turns positive
- 2The price effect becomes completely zero
- 3The substitution effect is stronger than the negative income effect
- 4The negative income effect is stronger than the substitution effect✓
Correct answer
The negative income effect is stronger than the substitution effect
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