The Reason That Someone Buys a Lot More Paintings When

question 148

Multiple Choice

The reason that someone buys a lot more paintings when the price of art falls is that

• A) there are many substitutes for paintings.
• B) paintings are a necessity.
• C) they complement his or her home décor.
• D) his or her income has risen.
• E) art is a luxury.

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Definitions:

Durability

The quality of being able to withstand wear, pressure, or damage; the ability of a product or material to last a long time without significant degradation.

Proprietary Barriers

Restrictions established through the ownership of patents or copyrights that limit competition.

Bootstrapping

A method of financing a startup or new venture by using personal funds or operating revenues rather than seeking external investment.

Competitive Advantages

Unique attributes or capabilities that allow an organization to outperform its competitors.