Which Factor Will Increase the Demand for a Product

question 220

Multiple Choice

Which factor will increase the demand for a product?

• A)an unfavourable report on the value of the product
• B)an increase in the price of a substitute product
• C)an increase in the price of a complementary product
• D)a decrease in the number of buyers

Recognize the role of consumer confidence in economic activity.

Grasp the implications of economic recovery on employment and GDP.

Comprehend the concept and implications of status symbols in consumer behavior.

Analyze consumer behavior trends during economic recessions.

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Definitions:

Differential Association Theory

Edwin Sutherland’s hypothesis that we learn to be deviant through our associations with deviant peers.

Labeling Theory

A concept in sociology and criminology that suggests labels applied to individuals influence both how others see them and how they see themselves, potentially leading to a self-fulfilling prophecy.

Conflict Theory

A sociological perspective that views social life as a competition, with individuals and groups struggling over resources and power.

Labeling Theory

A sociological theory that suggests the self-identity and behavior of individuals may be determined or influenced by the terms used to describe or classify them.