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Answer on Microeconomics Question for nikeisha

Question #43319
what does a giffen good has?
Expert's answer
Giffen good is product that people consume more of as price rises – violating the law of demand.

These goods are usually luxury goods. These goods are inferior goods with elasticity below zero. There also must be a lack of substitute goods. The goods must constitute a substantial percentage of the buyer's income, but not such a substantial percentage of the buyer's income that none of the associated normal goods are consumed.

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