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    Question

    Giffen goods

    are
    A Goods that are not dependent on price increase Correct Answer Incorrect Answer
    B Have to be purchased because there is no cheaper close substitute for them Correct Answer Incorrect Answer
    C Both a & b Correct Answer Incorrect Answer
    D None of the above Correct Answer Incorrect Answer
    E Only A Correct Answer Incorrect Answer

    Solution

    Demand for Giffen goods is heavily influenced by a lack of cheaper close substitutes and income pressures.

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