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The Engel curve for a Giffen good is. negatively sloped positively sloped vertical horizontal

Question

The Engel curve for a Giffen good is:

  • negatively sloped
  • positively sloped
  • vertical
  • horizontal
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Solution

The Engel curve for a Giffen good is negatively sloped.

Here's why:

  1. A Giffen good is a type of inferior good. Inferior goods are those for which demand decreases as income increases.

  2. The Engel curve describes how a consumer's demand for a good changes as their income changes.

  3. For most

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