When There Is a Technological Advance in the Pork Industry,consumer

question 79

Multiple Choice

When there is a technological advance in the pork industry,consumer surplus in that market will

• A)increase.
• B)decrease.
• C)not change,since technology affects producers and not consumers.
• D)not change,since consumers' willingness to pay is unaffected by the technological advance.

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Definitions:

Product Orientation

A business approach that focuses on improving and selling a product without prioritizing customer needs or market demands.

Consumer Orientation

A business approach that prioritizes identifying and satisfying the preferences, needs, and expectations of consumers.