What is a Giffen good?
What will be an ideal response?
A Giffen good is something consumers buy more of when its price rises and buy less of when its price falls.
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In the long run, a profit-maximizing firm will choose to exit a market when
a. average fixed cost is falling. b. variable costs exceed sunk costs. c. marginal cost exceeds marginal revenue at the current level of production. d. total revenue is less than total cost.
Illegal immigration tends to:
A. increase average wages and employment where illegal workers are complements to domestic-born workers. B. increase average wages and employment where illegal workers are substitutes for domestic-born workers. C. increase average wages and employment whether illegal workers are complements to or substitutes for domestic-born workers. D. reduce average wages and employment whether illegal workers are complements to or substitutes for domestic-born workers.