A Social Media Information System Can Generate Valuable Information About

question 55

True/False

A social media information system can generate valuable information about customers, including where they live.

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Definitions:

Income Elasticity

Measures how the quantity demanded of a good changes in response to a change in consumers' income.

Normal Good

A type of good for which demand increases as the income of consumers increases, and decreases when consumer income decreases.

Inferior Good

A type of good for which demand decreases as the income of consumers increases, opposite of a normal good.

Normal Good

A good for which demand increases as the income of the consumer increases.