______ is a type of good for which demand increases as its price rises ?Giffen Good Capital Good Consumer Good none

What distinguishes a Giffen good from other inferior goods?The demand decreases with a decrease in priceThe demand increases with an increase in priceThe demand decreases with an increase in incomeThe demand increases with a decrease in income

Price of the good is one of the factors affecting the demand for a commodity.a.Falseb.True

If a good is a Giffen good, thenGroup of answer choicesthere is no optimal level of consumption for the consumer.the demand curve is upward sloping.the demand curve is horizontal.the supply curve is downward sloping.

Which type of good experiences an increase in consumption as consumer income decreases?Normal goodLuxury goodGiffen goodInferior good

The demand for a good will be more price inelastic:Group of answer choicesthe fewer substitutes are available for the good.the higher is its price.the smaller the supply of the good.the larger is the percentage of income spent on it.