If an Increase in Income Leads to an Increase in the Demand

question 39

Multiple Choice

If an increase in income leads to an increase in the demand for a good, then the good is said to be:

• A) normal.
• B) a luxury.
• C) inferior.
• D) a staple or necessity.

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Definitions:

Nonpersonal Selling

Marketing activities that do not involve face-to-face interactions, including advertising, social media marketing, and email marketing.

Perceived Quality

The customer's perception of the overall quality or superiority of a product or service compared to alternatives.

Pricing

The process of determining the value that will be charged for goods or services, affecting demand, sales, and profitability.

Turntable

A device for playing vinyl records, consisting of a rotating plate that holds the record and a needle that reads the grooves to produce sound.