The Major Difference Between Vertical and Horizontal Fashion Trends Is

question 14

Multiple Choice

The major difference between vertical and horizontal fashion trends is based on _____.

• A)the initial group which accepts the trend
• B)whether the product changes form
• C)the initial group which accepts the trend and whether the product changes form
• D)the degree of fashion innovativeness

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Definitions:

Income Effect

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

Normal Good

A type of good for which demand increases as the income of the consumer increases, holding all else constant.

Wealth Effect

The change in spending and consumption patterns by individuals or households due to changes in their real or perceived wealth.

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods, leading consumers to substitute away from more expensive goods towards cheaper ones.