An Economy Is Productive Efficient If It Produces

question 12

Multiple Choice

An economy is productive efficient if it produces

• A) more than enough food to feed everyone.
• B) more goods and services in each successive year.
• C) maximum output with given resources and technology.
• D) enough output so that no one lives in poverty.

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Definitions:

Important Attributes

Key features or characteristics of a product or service that are significant to consumers and can influence their purchasing decision.

Trial Stage

A phase in product adoption or marketing where consumers are given the opportunity to try a product or service before making a purchase decision.

Hierarchy of Effects

A model in marketing that describes the stages a consumer goes through, from awareness to knowledge, liking, preference, conviction, and finally the actual purchase.

Adoption

The process of starting to use something new or integrating a new idea, habit, or technology into use.