When DVD Players Were First Introduced,the Price Was Very High,thereby

question 96

Multiple Choice

When DVD players were first introduced,the price was very high,thereby preventing the average consumer from purchasing one.Today,however,as a result of increased competition in the market,most consumers can afford one because they are significantly cheaper.By reducing the price of these products and ensuring a large number of product offerings,competition has promoted consumers' right to

• A) inexpensive products.
• B) be informed.
• C) be heard.
• D) quality products.
• E) choose.

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Definitions:

Consumers

Individuals or groups who are the final users of products and services generated within an economy.

Specific Tax

A fixed amount of tax imposed on a product, service, or transaction, regardless of its price.

Competitive Market

A market structure characterized by a large number of buyers and sellers where no single participant can significantly influence the price of goods or services.

Demand Curve

A graph showing the relationship between the price of a good and the amount of the good that consumers are willing to purchase at that price.