A Giffen Good Is a Good for Which an Increase

question 215

Multiple Choice

A Giffen good is a good for which an increase in the price

• A)decreases the quantity supplied.
• B)increases the quantity supplied.
• C)decreases the quantity demanded.
• D)increases the quantity demanded.

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Definitions:

Equitable Remedies

Remedies granted by courts in situations where monetary damages are insufficient, including injunctions or specific performance.

Specific Performance

An equitable remedy requiring exactly the performance that was specified in a contract. Usually granted only when money damages would be an inadequate remedy and the subject matter of the contract is unique, for example, real property.

Injunction

A court decree ordering a person to do or to refrain from doing a certain act.

Capital Asset Pricing Model

The Capital Asset Pricing Model (CAPM) is a model that describes the relationship between systematic risk and expected return for assets, particularly stocks.