Podcast
Questions and Answers
What is one factor that affects the demand for luxury goods according to the text?
What is one factor that affects the demand for luxury goods according to the text?
- Consumers' income level (correct)
- Technological advancements
- Geographic location
- Political stability
How do changes in buyers' incomes affect the demand for products?
How do changes in buyers' incomes affect the demand for products?
- The demand may increase or decrease based on the products (correct)
- They always increase demand
- They have no impact on demand
- The demand usually decreases
What plays a significant role in determining the demand for a product according to the text?
What plays a significant role in determining the demand for a product according to the text?
- 'Thunder effect'
- 'Rainbow effect'
- 'Sunshine effect'
- 'Snob effect' (correct)
Which type of goods command higher demand based on their modernity and fashion according to the text?
Which type of goods command higher demand based on their modernity and fashion according to the text?
What should business managers recognize to assess current and future demand for their products?
What should business managers recognize to assess current and future demand for their products?
How do consumers' tastes and preferences impact the demand for a commodity?
How do consumers' tastes and preferences impact the demand for a commodity?
Which effect influences consumers to discard a product before full utilization and prefer currently fashionable goods?
Which effect influences consumers to discard a product before full utilization and prefer currently fashionable goods?
Why do luxury goods and prestige goods have increasing demand as income rises according to the text?
Why do luxury goods and prestige goods have increasing demand as income rises according to the text?
What type of goods generally have greater demand, according to the text's discussion of modernity and fashion?
What type of goods generally have greater demand, according to the text's discussion of modernity and fashion?
What factor can lead consumers to perceive a product as obsolete and prefer newer goods according to the text?
What factor can lead consumers to perceive a product as obsolete and prefer newer goods according to the text?
