A Giffen good has
A) a positive substitution effect.
B) a negative income effect.
C) a larger income effect than substitution effect.
D) All of the above.
D
Economics
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During an above-full-employment equilibrium, actual GDP is greater than potential GDP
Indicate whether the statement is true or false
Economics
Consider the demand curve below. If area 0ABC is smaller than area 0DEF, it suggests that if the price increases from D to A, then total revenues of sellers will:
A. Increase
B. Decrease
C. Remain constant
D. Equal zero
Economics