A Good Whose Demand Is Inversely Related to Income Is

question 49

Multiple Choice

A good whose demand is inversely related to income is a(n)

• A) normal good.
• B) inferior good.
• C) regular good.
• D) new good.

Identify strategies to reduce cognitive dissonance and ensure postpurchase satisfaction.

Define and differentiate key concepts such as consideration set, evaluative criteria, and points of difference.

Comprehend the economic and psychological impacts of purchase timing and sales promotions.

Appreciate the role of information and ratings in consumer decision making.