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Is It Possible for a Normal Good to Be a Giffen

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Is it possible for a normal good to be a Giffen good? Briefly explain.


Definitions:

Competitors

Companies or individuals that offer similar products or services within the same market, vying for the same customer base.

Marketing Concept

The business ideology that focuses on identifying and meeting the needs and wants of customers through the product or service being sold.

Satisfying Needs

The fulfillment of a requirement, necessity, or desire through the use or consumption of products or services.

Social Media Sites

Online platforms where users can create, share, or exchange information, ideas, and pictures/videos in virtual communities.

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