Giffen goods are those goods _______.

for which demand increases as price increases

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which have a high income elasticity of demand

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which are in short supplies

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none of the above

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Solution

The correct option is A for which demand increases as price increases
Giffen goods are those goods for which demand increases as price increases.

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Consider the demand for a good. At price Rs. 4, the demand for the good is 25 units. Suppose price of good increases to Rs. 5 and as a result, the demand for the goods falls to 20 units. Calculate the price elasticity.

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Giffen goods are those goods _______.

The correct option is A for which demand increases as price increasesGiffen goods are those goods for which demand increases as price increases.

The correct option is A for which demand increases as price increases
Giffen goods are those goods for which demand increases as price increases.