Which of the Following Is an Example of a Giffen

question 100

Multiple Choice

Which of the following is an example of a Giffen good?

• A)potatoes during the Irish potato famine
• B)rice in the Chinese province of Hunan
• C)fish in Japan
• D)Both a and b are correct.

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Definitions:

Cure Defects

The process of correcting errors or deficiencies in a product or construction project to meet the specified standards or contractual obligations.

Inspect Goods

The process of examining and verifying the quality, condition, and compliance of products with agreed-upon standards before acceptance.

Conforming Goods

Products that meet the specifications and standards mentioned in a contract of sale.

Perfect Tender Rule

A principle in sales law that allows a buyer to reject goods if they do not conform exactly to the terms of the contract, regardless of the significance of the nonconformity.