If a Good Is a Giffen Good,then

question 140

Multiple Choice

If a good is a Giffen good,then

• A) the supply curve slopes down.
• B) the demand curve slopes up.
• C) the demand curve is horizontal.
• D) there is no optimal level of consumption for the consumer.

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Definitions:

Fertilizer

A substance used to enhance the growth of plants and increase yield by supplying essential nutrients.

Bushels

A unit of volume that is used for quantities of dry commodities (such as grains or produce), where the capacity varies according to the commodity.

Profit

The financial gain made in a transaction or operation, calculated as total revenues minus total costs.

Production Function

A mathematical relationship expressing the amount of output generated from different amounts of inputs.