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Question

For a Giffen good, the demand curve ________.


A
is vertical
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B
is horizontal
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C
slopes upward
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D
slopes downward
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Solution

The correct option is B slopes upward
Giffen good has an upward-sloping demand curve which is opposite to the fundamental law of demand, which states that with an increase in the price level of a commodity, the quantity demanded of that product also increases

Economics

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