The Cost of Products Are Lowered

question 99

Multiple Choice

The cost of products are lowered:

• A)when there are high success rates of a product.
• B)by lowering the economies of scale of a product.
• C)when there is a high inelasticity of demand for a product.
• D)when there are little or no competitors with a similar product.

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Definitions:

Shortage

In economics, a shortage occurs when the demand for a product or service exceeds its supply at a given price, often leading to increased prices and queuing.

Equilibrium

A state in which demand and supply are balanced, often resulting in a stable market condition where there is no tendency for change until external factors intervene.

Online Movie Rentals

The service of renting movies over the internet, allowing users to stream or download movies for a limited period of time.

Quantity Supplied

The level of goods or services available for sale by producers, who are willing and able to provide them, at a predetermined price over an agreed period.