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Consumers' Expectations in Business Economics

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Consumers' Expectations in Business Economics

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Questions and Answers

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?

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?

'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?

Goods with modern designs Signup and view all the answers

What should business managers recognize to assess current and future demand for their products?

Movements in macroeconomic variables affecting buyers' incomes Signup and view all the answers

How do consumers' tastes and preferences impact the demand for a commodity?

They can increase or decrease demand Signup and view all the answers

Which effect influences consumers to discard a product before full utilization and prefer currently fashionable goods?

'Demonstration effect' Signup and view all the answers

Why do luxury goods and prestige goods have increasing demand as income rises according to the text?

'Veblen effect' leads to increased demand for expensive goods Signup and view all the answers

What type of goods generally have greater demand, according to the text's discussion of modernity and fashion?

Goods considered modern and fashionable Signup and view all the answers

What factor can lead consumers to perceive a product as obsolete and prefer newer goods according to the text?

'Veblen effect' Signup and view all the answers

Consumers' Expectations in Business Economics

Choose a study mode

Podcast

Questions and Answers

What is one factor that affects the demand for luxury goods according to the text?

How do changes in buyers' incomes affect the demand for products?

What plays a significant role in determining the demand for a product 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?

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?

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 factor can lead consumers to perceive a product as obsolete and prefer newer goods according to the text?

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