GRE Reading Comprehension
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Source: Magoosh reading easy
In economics, a "Veblen good" is an item which people buy in greater quantity when the price goes up. According to the Law of Supply and Demand, when the price of an ordinary item goes up, demand drops, i.e. people buy fewer of them. A Veblen good is a luxury item to which status is attached, such as a designer outfit or luxury car. As the price of such an item increases, its prestige increases, which makes the item that much more desirable. Therefore, as the price increases, the demand also increases, and more of these items are sold.
Question List: 1
In the argument, the two portions in boldface play which of the following roles?
- A This first is a piece of evidence supporting the main conclusion; the second is the main conclusion.
- B The first is a view that the author opposes; the second is the main conclusion.
- C The first is a prediction; the second gives evidence for this prediction.
- D The first is a general rule, the violation of which seems to indicate a paradox; the second is the resolution of that apparent paradox.
- E The first is an ironic description of what could happen in the marketplace; the second is a more realistic description of what actually happens.