WAEC Economics 2015 Objective — Question 13
Question 13 of 50 from the West African Examinations Council (WAEC) Economics 2015 Objective paper, with the correct answer and a full explanation.
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If the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a
- A. necessity
- B. ostentation good
- C. Giffen goodCorrect
- D. normal good
Explanation
A Giffen good is a special inferior good where quantity demanded falls as price falls (contrary to the normal law of demand).
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