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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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