Economics · Consumer Behaviour
Which of the following statements correctly describes Giffen goods?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1They are a special category of inferior goods for which demand increases as price increases.✓
- 2They are standard essential goods that completely follow the law of demand.
- 3They are normal goods for which demand increases as income increases.
- 4They are high-quality luxury goods with positive income elasticity.
Correct answer
They are a special category of inferior goods for which demand increases as price increases.
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