-In the above figure, an ________ would be set ________.
Definitions:
Giffen Good
The hypothetical inferior good for which the income effect outweighs the substitution effect and the demand curve slopes upward.
Income Effect
The dynamics of income change in a person or an economy, and its role in altering the demand pattern for goods and services.
Substitution Effect
The change in consumption patterns due to a change in relative prices, prompting consumers to substitute a product that has become relatively cheaper for one that has become relatively more expensive.
Marginal Rate
A rate that indicates the change in a variable (such as cost, revenue, or tax) as its underlying factor changes incrementally.
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