Which Is a Characteristic of Fads

question 9

Multiple Choice

Which is a characteristic of fads?

• A) They can move through the entire cycle in weeks.
• B) They typically register a gradual and unpredictable spike in sales.
• C) They peak slowly but then register a rather abrupt decline.
• D) They stay in the maturity stage for decades.

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Definitions:

Least-Cost Combination

The least-cost combination is an economic principle that refers to the mix of factors of production that minimizes costs for a given level of output.

Resources

Inputs used in the production of goods and services, such as labor, capital, land, and entrepreneurship.

Output

The total amount of goods or services produced by a company, industry, or economy over a specific period of time.

Least-Cost Combination

is an economic principle where firms aim to produce a given output at the minimum possible cost by choosing the optimal combination of inputs.