​Assuming That Beer Is a Normal Good,what Will Happen to the Demand

question 2

Multiple Choice

​Assuming that beer is a normal good,what will happen to the demand for beer near college towns if student income increased?

• A)​Demand will fall because students love these beers
• B)Demand will fall
• C)Demand will rise
• D)​Supply would rise

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Definitions:

Life-Cycle Curve

A graph representing the stages through which a product goes from introduction to decline in the market.

Product Form

Product form refers to the physical characteristics and features of a product that distinguish it from other products in the market.

Product Class

A broad category of products that serve a similar function or are targeted at a similar market, such as electronics or personal care items.

Product Adoption

The process by which a new product or service is accepted and used by the market.