If People Buy More of a Generic Brand When Consumer

question 334

True/False

If people buy more of a generic brand when consumer income falls, it is an inferior good. ​

---

Definitions:

Regression Line

A line of best fit through a set of data points in statistical modeling, showing the relationship between the independent and dependent variables.

Dependent Variable

The variable in an experiment or study that is expected to change in response to changes in the independent variable.

Regression Model

A statistical technique used to predict the value of a dependent variable based on one or more independent variables.

Intercept Term

A constant in a regression model that represents the value of the dependent variable when all independent variables are zero.