| 1. | :: It's worth reviewing Inferior goods and, perhaps, Giffen goods.
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| 2. | Giffen goods are difficult to study because the definition requires a number of observable conditions.
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| 3. | The interaction effects are a different kind of anomaly from that posed by Giffen goods.
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| 4. | Giffen goods are an exception to this general rule.
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| 5. | Any good where the income effect more than compensates for the substitution effect is a Giffen good.
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| 6. | In 1991, Battalio, Kagel, and Kogut proved that quinine water is a Giffen good for some lab rats.
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| 7. | For this reason, many text books use the term " Giffen paradox " rather than " Giffen good ."
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| 8. | Anthony Bopp ( 1983 ) proposed that kerosene, a low-quality fuel used in home heating, was a Giffen good.
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| 9. | However, they were only able to show the existence of a Giffen good at an individual level and not the market level.
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| 10. | To be a true Giffen good, the good's price must be the only thing that changes to produce a change in quantity demanded.
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