There Are Four Classifications of Products: New-To-The-Market Products, New-Category Entries

question 82

Short Answer

There are four classifications of products: new-to-the-market products, new-category entries, product line extensions, and ________ products.

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Definitions:

Deadweight Loss

Economic efficiency is lost when the balance for a good or service is either not met or unattainable.

Tariff

A tax imposed on imported goods and services to regulate trade, increase government revenue, or protect domestic industries.

Consumer Surplus

The variance between the sum consumers are inclined and can afford to pay for a good or service and the sum they genuinely pay.

Producer Surplus

Producer surplus is the difference between what producers are willing to sell a good for and the actual price they receive.