The fact that more consumers are buying prestige items like Rolex watches and Mercedes-Benz cars and are,at the same time,shopping more at low-priced discount stores is called
A) pure competition.
B) monopolistic competition.
C) the elastic demand phenomenon.
D) the income effect.
E) cross-shopping.

Question

Quizplus · Accepted Answer

The phenomenon described is called cross-shopping, which is the practice of buying both high-end and low-end goods at the same time. This behavior suggests that consumers are looking for value in their purchases and are willing to shop at both ends of the price spectrum to get it.

The Fact That More Consumers Are Buying Prestige Items Like