Examlex
Which of the following is not a stage in the product life cycle (PLC) ?
Utility Function
A mathematical representation of a consumer's preference, showing the level of satisfaction or happiness derived from consuming various bundles of goods and services.
Income Effect
The impact of income changes on an individual or economic level on the demand for various products or services.
Substitution Effect
The adjustment in how consumers spend due to differences in the prices between goods, leading to the substitution of one product for another.
Inferior Good
A type of good whose demand decreases when consumer income rises, unlike normal goods, which have a positive correlation with income.
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