When Consumers Are Exposed to Additional Choices Due to the Introduction

question 80

Multiple Choice

When consumers are exposed to additional choices due to the introduction of a new product,what do we know

• A)Consumers are likely to have a lower degree of satisfaction
• B)A product-variety externality is said to occur.
• C)An advertising externality is said to occur.
• D)Consumers are likely to experience negative consumption externalities.

Understand the concept of comparative advantage and how it differs from absolute advantage.

Calculate and interpret opportunity costs in trade scenarios.

Analyze the impact of trade on national economies and the benefits of specialization.

Evaluate the effects of exchange rate changes on the price of goods and trade.

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Definitions:

Abiotic Environment

Inanimate chemical and physical components of the environment influencing living beings and ecosystem operations.

Biological Community

A group of interacting organisms of different species living in a common location.

Fundamental Niche

The potential niche an organism can occupy in an ecosystem, without taking into account competition and other biotic factors.

Realized Niche

The actual conditions and resources in which an organism or population lives and reproduces, considering biotic and abiotic factors.