Typically,the Sales Volume Declines with an Increase of a Product

question 89

Multiple Choice

Typically,the sales volume declines with an increase of a product price.It has been observed,however,that for some luxury goods the sales volume may increase when the price increases.The following Excel output illustrates this rather unusual relationship. For the considered range of the price,the relationship between Price and Sales should be described by a _________.

• A) concave function
• B) hyperbola
• C) convex function
• D) linear function

---

Definitions:

Availability Heuristic

A brainy shortcut grounded on the instant instances that strike a person's mind upon reflecting on a specific subject, notion, methodology, or judgement.

Confirmation Bias

The habit of looking for, comprehending, valuing, and memorizing info in a way that affirms one's preconceived notions or hypotheses.

Algorithm

A set of rules or steps designed to solve a problem or accomplish a task, often used within computer and mathematical procedures.

Fixation

A persistent focus of the id's pleasure-seeking energies at an earlier stage of psychosexual development, leading to unbalanced personality development.