When LCD Televisions First Came on the Market, They Sold

question 118

Multiple Choice

When LCD televisions first came on the market, they sold for at least $1,000, and some for much more. Now many units can be purchased for under $400. These facts imply that

• A)the LCD television industry was once competitive but is now monopolistic.
• B)fewer firms produce LCD televisions than was the case five or ten years ago.
• C)the demand curve for LCD televisions has shifted leftward.
• D)the LCD television industry is a decreasing-cost industry.

Identify the types of functional plans and their specific purposes within an organization.

Understand the concept of standing plans and how they differ from single-use plans.

Recognize the relationship and interdependence between strategic plans and operational plans in achieving organizational objectives.

Understand the concept of the "invisible hand" and its relevance to economic theory.

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Definitions:

Ppf (Production Possibility Frontier)

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, when resources are fully and efficiently utilized.

Efficiently

Achieving maximum productivity with minimum wasted effort or expense.

Production Inefficiency

A situation where resources are not utilized in the best possible manner, resulting in wasted potential output.

Production Possibility Frontier

A graphical representation that shows the maximum combination of two goods or services that can be produced within a given time period, given available resources and technology.