One characteristic of a Giffen good is that it
A) is a luxury good.
B) is an inferior good.
C) has an upward-sloping Engel curve.
D) All of the above.
B
You might also like to view...
An intertemporal budget constraint
A. requires an endowment point. B. requires time to remain constant. C. has no endowment point. D. requires time to move in a loop.
A minimum wage law is a:
A. price ceiling. B. price floor. C. customary norm without legal structure or protection. D. quantity restriction.
In order to see how much production has increased, we need to extract the effects of lower prices on nominal GDP.
Select whether the statement is true or false. A. True B. False
Assuming pure competition, which of the following are equivalents?
A. MRP L /P L = MRP C /P C and P x = 1/MC. B. MRP L /P L = MRP C /P C and P x = AVC. C. P x = MC and MRP L /P L = MRP C /P C = 1. D. P x = MC and MP L /P L = MP C /P C