According to the Case in Point on the discovery of an upward-sloping demand curve, an example of a Giffen good:
A) is rice for poor consumers in southern China.
B) potatoes during the Irish famine.
C) tortillas for poor consumers in Mexico.
D) would be all inferior goods.

Question

Quizplus · Accepted Answer

Rice for poor consumers in southern China is a classic example of a Giffen good, where an increase in price leads to an increase in quantity demanded due to the income effect outweighing the substitution effect.

According to the Case in Point on the Discovery of an Upward-Sloping