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WAEC Economics 2015 Question 13

Question 13

Theory of Demand

If the price of a commodity Z falls and a consumer buys less of it, then commodity Z is a

  1. A.necessity
  2. B.good of ostentation
  3. C.Giffen good
  4. D.normal good.
Show the answer and explanation

Answer: C (Giffen good)

Explanation

A Giffen good is bought less when its price falls, against the law of demand.