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The income effect of a price increase for a Giffen good outweighs the substitution effect.
Legal Tender
Currency that is officially recognized by a governmental authority as acceptable payment for debts.
Legal Tender
Currency that must be accepted if offered in payment of a debt, as decreed by a country's government.
Exact Tender
The requirement for a payment in the precise amount owed, without needing change.
Customary
Practices or actions that are accepted and expected within a particular community or society, based on traditions or long-standing use.
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