In Which of the Following Industries Is Standardization More Likely

question 74

Multiple Choice

In which of the following industries is standardization more likely to be pursued?

• A) local industries
• B) software
• C) publishing
• D) credit cards

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Definitions:

Peanut Butter

A food paste or spread made from ground, dry-roasted peanuts, often used as a sandwich filling or ingredient in various recipes.

Income Elasticity

Measures how the quantity demanded of a good responds to a change in consumer income.

Normal Good

An item for which demand increases as the income of consumers increases, showing a direct relationship between income and demand.

Income Elasticity

A measure of how much the demand for a good changes as the income of consumers changes.