A Giffen Good Is a Good for Which

question 237

Multiple Choice

A Giffen good is a good for which

• A)a decrease in the price decreases the quantity demanded.
• B)the substitution effect outweighs the income effect.
• C)an increase in the price decreases the quantity demanded.
• D)Both a) and b) are correct.

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Definitions:

Recessive Gene

A gene that produces its characteristic phenotype only when its allele is identical—requiring two copies for the trait to be expressed.

Carriers

Individuals who have one copy of a mutated gene that can lead to certain genetic conditions but do not show symptoms themselves.

Tay-Sachs Disease

Tay-Sachs Disease is a fatal genetic disorder, typically identified in infants, that results in the destruction of nerve cells in the brain and spinal cord.

Sickle-Cell Anemia

A hereditary blood disorder characterized by red blood cells that assume an abnormal, rigid, sickle shape, leading to various health complications.