1. A Giffen good is one in whih the ____ curve is ____ sloped. a) suppy; negativ

Question

1. A Giffen good is one in whih the ____ curve is ____ sloped. a) suppy; negatively. b) demand, negatively. c) supply; positively. d) demand, positively.

2. When the price of a normal good increases, the substitution effect will: a) result in the quantity demanded going down so much tha the income effet is unable to increase dmeand.
b) work with the income effect to exert pressure on the quantity dmeanded to fall.
c) work with the income effect to exert pressure on the quantity demanded to increase.
d) work in a driection opposite the income effect.

thanks

Explanation / Answer

1. b) demand, negatively 2. b) work with the income effect to exert pressure on the quantity dmeanded to fall.

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