Word Count : 241

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A Giffen good is a type of inferior good for which an increase in its price leads to an increase in its quantity demanded, and a decrease in its price leads to a decrease in its quantity demanded, which is contrary to the basic law of demand. This phenomenon occurs due to the strong negative income effect outweighing the substitution ________ ____ _________ ____ ____ _________ ___ __________ _______.
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