Product Form Refers to

question 202

Multiple Choice

Product form refers to

• A) the legal description of an individual item including all its salient characteristics.
• B) the SKU designation assigned to a product item.
• C) a series of product items that share similar characteristics in terms of usage.
• D) variations within its product class.
• E) a group of product items that comprise an industry.

---

Definitions:

Law Of Supply

The principle that, other things equal, an increase in the price of a product will increase the quantity of it supplied, and conversely for a price decrease.

Supply Curve

A graphical representation showing the relationship between the price of a good and the quantity of that good that suppliers are willing to produce and sell.

High Prices

A situation where the cost of goods or services is significantly above average or expected levels.

Low Prices

Low prices refer to the situation where goods or services are offered on the market at particularly reduced costs, often reflecting supply and demand dynamics or promotional strategies.