True or false: if the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is an inferior good.
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Ответ:
If the price of a product goes up by 10% and the quantity demanded goes up by 20% the product is a GIFFEN GOOD.
An inferior good is a good that decreases in demand if income increases. These are the goods that people opt not to buy when their purchasing power increases.
Ответ: