Multiple Choice
Which statement is FALSE?
A) A Giffin good must be an inferior good.
B) A Giffin good must be such that the income effect and the substitution effect move in opposite directions,and the income effect outweighs the substitution effect.
C) A Giffin good must be such that the substitution effect outweighs the income effect for an inferior good.
D) A Giffin good must have an upward-sloping demand curve.
Correct Answer:
Verified
Correct Answer:
Verified
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