Market Demassification Has Resulted in ________

question 114

Multiple Choice

Market demassification has resulted in ________.

• A) niche market creation
• B) product standardization
• C) mass production practices
• D) intrinsic marketing channels
• E) just-in-time production

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Definitions:

Productive Resource

Any resource used in the creation of goods and services, including land, labor, and capital.

Equilibrium Price

The price at which the quantity of a good demanded by consumers equals the quantity supplied by producers, resulting in market balance.

Economic Resource

Assets or inputs used in the production of goods and services, including natural resources, human resources, capital, and entrepreneurship.

Aggregate Economic Rent

The total earnings that factors of production receive over and above their opportunity cost, representing the extra income derived from resource ownership.