Which of the Following Products Is Most Likely to Use

question 126

Multiple Choice

Which of the following products is most likely to use a pulsing media schedule?

• A)romance novels
• B)gasoline
• C)band instruments
• D)ceiling fans

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Definitions:

Giffen Good

A type of inferior good for which demand increases as the price increases, violating the basic law of demand.

Inferior Good

A type of good whose demand decreases when consumer income rises, and vice versa, often contrasted with normal goods whose demand increases with rising income.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Income Effect

The change in an individual's or economy's income and how that change affects the quantity demanded of a good or service.