question archive Answer true, false, or uncertain, and explain: If the income for an individual rises, the individual's demand for every good they tended to buy before the change in income will increase
Answer true, false, or uncertain, and explain: If the income for an individual rises, the individual's demand for every good they tended to buy before the change in income will increase
Subject:EconomicsPrice:2.88 Bought3
Answer true, false, or uncertain, and explain:
If the income for an individual rises, the individual's demand for every good they tended to buy before the change in income will increase.
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As discussed above, the nature of the commodity is important. While studying the categories of goods, Sir Giffen found that when the income of consumers increased, the amount of bread purchased decreased. Instead of bread people began spending in meat instead. This was known as the Giffen Paradox. Hence through this we understand that the statement, If the income for an individual rises, the individual's demand for every good they tended to buy before the change in income will increase. is False.
