According to the Box, "Services Expand the Circular Economy," Technology

question 111

Multiple Choice

According to the box, "Services Expand the Circular Economy," technology is helping turn products into services by

• A) restricting what customers can and cannot buy for personal use.
• B) producing items that are designed to reach obsolescence quickly.
• C) offering new ways to access items like movies or music and by adding sensors to allow companies to develop new business models.
• D) developing more disposable items.

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Definitions:

Technological Advance

The progress or development in technology, leading to new products, processes, or systems.

Preferred Mix

The optimal combination or assortment of goods, services, investments, or resources desired by an individual, firm, or economy.

Inverted-U Theory

A concept suggesting that there is an optimum level of a variable, beyond which its effect begins to decline or become negative, often applied to the relationship between income inequality and economic development.

Market Concentration Ratio

A measure used to determine the level of competition within a market by analyzing the market share of the largest firms within the industry.