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is a type of good for which demand incre...

_______ is a type of good for which demand increases as its price rises.

A

Giffen Good

B

Capital Good

C

none

D

Consumer Good

Text Solution

Verified by Experts

The correct Answer is:
A
A Giffen good is a product that people consume more of as the price rises and vice versa—violating the basic law of demand in microeconomics. For ex Iphone as it shows the standard of living.
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