Which of the Following Is a Product Concept

question 117

Multiple Choice

Which of the following is a product concept?

• A)a battery-powered all-electric car
• B)a pocket-size digital music player
• C)an energy efficient humidifier
• D)a thin,lightweight laptop with extended battery life appealing to students and young professionals who want access to their computer anywhere,anytime
• E)a running shoe with built-in sensors

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Definitions:

Demand Curve

A graph showing the relationship between the price of a good or service and the quantity demanded for a given period.

Short-Run Equilibrium

Short-run equilibrium occurs when in a market, the quantity supplied equals the quantity demanded at the current price, before any long-term adjustments are made.

MR > MC

A situation in marginal analysis where the marginal revenue (MR) exceeds the marginal cost (MC), suggesting a potential increase in profitability by expanding production.

P > ATC

A scenario in which the price of a good is greater than the average total cost of producing that good, indicating potential profitability for the firm.