Asked by
Brianna Prieto
on Oct 27, 2024
Verified
A Giffin good is one in which the _____ curve is _____ sloping.
A) supply;downward
B) demand;downward
C) supply;upward
D) demand;upward
Giffin Good
A type of good for which demand increases as the price increases, contrary to the basic laws of demand in economics.
Demand Curve
A graphical representation showing the relationship between the price of a good and the quantity demanded at those prices.
- Distinguish between normal goods and Giffen goods based on their reaction to price changes.
Verified Answer
TA
Learning Objectives
- Distinguish between normal goods and Giffen goods based on their reaction to price changes.