Defend or refute the statement. Write ‘yes’ or ‘no’ with reaso – InterviewSolution

1.	Defend or refute the statement. Write ‘yes’ or ‘no’ with reason:Giffen goods must be inferior goods, while inferior goods, may or may not be giffen goods.
Answer» Yes. Because giffen goods by definition are those inferior goods in case of which two conditions are satisfied: (i) income effect is negative, and (ii) income effect is greater than substitution effect. In case of inferior goods, on the other hand, only one condition needs to be satisfied: that income effect is negative.

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