The substitution effect is positive, and the income effect is negative and larger than the substitution effect-consumption of Good X will decrease. These kind of goods are called Giffen goods and they are clearly [normal or inferior?]goods.
The substitution effect is positive, and the income effect is negative and larger than the substitution effect-consumption of Good X will decrease. These kind of goods are called Giffen goods and they are clearly [normal or inferior?]goods.
The substitution effect is positive, and the income effect is negative and larger than the substitution effect-consumption of Good X will decrease. These kind of goods are called Giffen goods and they are clearly [normal or inferior?]goods.
Answer
inferior
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Original toplevel document (pdf)
owner: iamcfa - (no access) - 2015 CFA Level 1 Study Schweser Book 2 - Economics, p53
Summary
status
not learned
measured difficulty
37% [default]
last interval [days]
repetition number in this series
0
memorised on
scheduled repetition
scheduled repetition interval
last repetition or drill
Details
No repetitions
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