A product with backward sloping demand _____
A) displays a negative price-quantity demanded relationship
B) means consumers are more sensitive to price than to other product factors
C) displays a neutral price-quantity demanded relationship
D) displays a positive price-quantity demanded relationship
E) displays a positive price-quality relationship

Question

Quizplus · Accepted Answer

A backward sloping demand curve indicates a positive relationship between price and quantity demanded, often seen in cases like Veblen goods where higher prices increase demand due to perceived prestige.

A Product with Backward Sloping Demand _____