In the case of a Giffen good, the demand curve will be
In the case of a Giffen good, the demand curve will be
A). Horizontal
B). Downward to the right
C). Upward to the right
D). Vertical
1 answers
Upward to the right
In the case of a Giffen good, the demand curve will be Upward to the right. A Giffen good has an upward-sloping demand curve, which is contrary to the fundamental law of demand, which states that the quantity demanded for a product falls as the price increases, resulting in a downward slope for the demand curve.
Other Questions
2. All the following curves are U-shaped except
4. Question 8:Explain how the opportunity costs of negative environmental impact are high.
5. Question 3:How do infrastructure facilities boost production?
6. If the price of good A increases relative to the price of substitutes B and C, the demand for
9. Question 15:Account for the current environmental crisis.