Market and Types of Goods · UPSC CDS/OTA · Question 7 of 30

Market and Types of Goods – Question 7

Step-by-step solution. Market and Types of Goods for UPSC CDS/OTA.

Topic
Market and Types of Goods
Subject
General Studies
Difficulty
Medium
Solve Time
45–60 sec

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Q · Market and Types of GoodsMedium · 45s

Giffen goods show which of the following characteristics?

TopicMarket and Types of Goods
Question Typemultiple choice
DifficultyMedium
Marking+1 / −0.33
Test Duration30 min

Step-by-Step Solution

The complete worked solution.

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Giffen goods are inferior goods where the income effect dominates the substitution effect, so demand rises with price.

Final Answer: Option A — As the price rises, demand rises
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Market and Types of Goods Question 7 – UPSC CDS/OTA