A) given good
B) normal good
C) superior good
D) an Inferior good
Correct Answer: A
Solution :
A negative income elasticity of demand is associated with inferior goods. The Giffen good is an unusual type of inferior good which has positive price elasticity of demand. It is a good which people paradoxically consumer more of as the price rises, violating the law of demand. When price goes up, the quantity demanded also goes up.You need to login to perform this action.
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