Is It Possible for a Normal Good to Be a Giffen

question 62

Essay

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

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Definitions:

Exclusively

Without involving anything or anyone else; solely.

Bloodworms

Aquatic larvae of certain midge species, characterized by their red color due to hemoglobin in the blood, often used as fishing bait and in aquarium feeding.

Coral Reefs

Marine ecosystems characterized by reef-building corals; known for their biodiversity, they are often referred to as the "rainforests of the sea."

Tropical Waters

Warm ocean water found near the equator, characterized by high temperatures and supporting diverse marine life.