Solved UPSC CDS/OTA Question
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Q · Demand and SupplyMedium · 45s
Which of the following is a Giffen good?
TopicDemand and Supply
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min
Step-by-Step Solution
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A Giffen good is an inferior good where higher prices may lead to higher demand due to the strong income effect overpowering the substitution effect. Staple foods for the poor are classic examples.
Final Answer: Option A - Rice for a very poor family