Business, 22.04.2020 02:38 jaimephelps17

Laura Wallace is a part of a research group that is studying consumer behavior in the market for good A. She observed that even when the price of Aâ increased, everything else remainingâ unchanged, some people demanded more of A. She claimed that the only explanation for this could be that A is a Giffen good for this group of people. Which of theâ following, ifâ true, would weaken herâ claim?A. Many low-priced substitutes for A are available in the market. B. This group's price elasticity of demand for A is unit-elastic. C. The income effect of this price hike is to increase the quantity of A demanded. D. The cost of producing A is very high. E. These people associate higher price of a product with better quality.

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