As per-capita income in China rises,the complexity and quality level of the products demanded by Chinese consumers also rises. This is a principle of which theory?
A)Theory of absolute advantage
B)Overlapping product ranges theory
C)Competitive advantage of nations theory
D)Imperfect markets theory
E)Product cycle theory

Question

Quizplus · Accepted Answer

The overlapping product ranges theory suggests that as income levels rise, consumers demand more complex and higher-quality products, which aligns with the scenario described.

As Per-Capita Income in China Rises,the Complexity and Quality Level