Which of the following is an example of a Giffen good?
A)potatoes during the Irish potato famine
B)rice in the Chinese province of Hunan
C)fish in Japan
D)Both a and b are correct.

Question

Quizplus · Accepted Answer

Giffen goods are inferior goods for which demand increases as the price increases, due to the income effect outweighing the substitution effect. Both potatoes during the Irish potato famine and rice in Hunan are classic examples of Giffen goods.

Which of the Following Is an Example of a Giffen