Examlex
What is a Giffen good?
Substitutes
Goods or services that can be used in place of each other; when the price of one goes up, the demand for the other can increase.
Elastic Demands
A market situation where the quantity demanded of a good or service significantly changes in response to a change in price.
Quantity Demanded
The total amount of a good or service that consumers are willing and able to purchase at a given price within a specified time period.
Substitutes
Products or services that can serve as replacements for each other, satisfying the same customer need or want.
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