A Giffen good A) is always the same as an inferior good. B) is the s
A Giffen good
A) is always the same as an inferior good.
B) is the special subset of inferior goods in which the substitution effect dominates the income effect.
C) is the special subset of inferior goods in which the income effect dominates the substitution effect.
D) must have a downward sloping demand curve.
ANSWER
C
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