Economics · Demand and Supply
Which of the following best describes a Giffen good?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A good for which demand decreases as income increases.
- 2A good that is a necessity with no close substitutes.
- 3A good for which demand increases as its price increases.✓
- 4A luxury good with high-income elasticity.
Correct answer
A good for which demand increases as its price increases.
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