Question

Given below are two statements:
Statement-I : The price consumption curve is negatively sloped for a Giffen good. 
Statement-II: All Giffen goods are inferior goods but all inferior goods are not Giffen goods. 
In the light of the above statements, choose the correct answer from the options given below:

• A. Both Statement I and Statement II are true
• B. Both Statement I and Statement II are false
• C. Statement I is true but Statement II is false
• D. Statement I is false but Statement II is true

Answer 1

The Correct Option is A

The correct answer is (A) : Both Statement I and Statement II are true