A Giffen Good Is a Good for Which

question 161

Multiple Choice

A Giffen good is a good for which

• A)a decrease in the price decreases the quantity demanded.
• B)the income effect outweighs the substitution effect.
• C)an increase in the price decreases the quantity demanded.
• D)Both a) and b) are correct.

---

Definitions:

Stanford Prison Study

A psychological experiment conducted in 1971 that investigated the effects of perceived power, focusing on the struggle between prisoners and prison officers.

Role

A given social position that is governed by a set of norms for proper behavior.

Milgram's Study

A series of social psychology experiments conducted by Stanley Milgram, demonstrating the power of authority in compelling individuals to perform acts conflicting with their personal conscience.

Shock

A medical condition involving a sudden drop in blood flow throughout the body, often caused by severe injury or infection.