Which of the Following Statements Is FALSE

question 364

Multiple Choice

Which of the following statements is FALSE?

• A) A Giffen good must be an inferior good.
• B) A Giffen good must be such that the income effect and the substitution effect move in opposite directions, and the income effect outweighs the substitution effect.
• C) A Giffen good must be such that the substitution effect outweighs the income effect for an inferior good.
• D) A Giffen good must have an upward-sloping demand curve.

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Definitions:

Attempted Conciliation

A process where parties in conflict try to reconcile their differences and reach a peaceful resolution.

Superordinate Goal

Refers to shared goals that can only be achieved by cooperation among individuals or groups, often used to reduce conflict.

Cooperative Behavior

Actions and attitudes that are geared towards working together harmoniously for a common benefit or goal.

Muzafer Sherif

A notable social psychologist known for his work on group conflict, social norms, and the formation of social attitudes, particularly through the famous Robbers Cave experiment.