A product with backward sloping demand displays _____.
A) a negative price-quantity relationship
B) a higher consumer sensitivity toward price than toward other product factors
C) a neutral price-quantity relationship
D) a positive price-quantity relationship
E) a higher consumer sensitivity toward product quality than toward price

Question

Quizplus · Accepted Answer

A backward sloping demand curve indicates a positive price-quantity relationship, often seen in Veblen goods, where higher prices lead to higher demand due to perceived prestige.

A Product with Backward Sloping Demand Displays _____