Which of the Following Represents an Opportunity for Generating a New

question 111

Multiple Choice

Which of the following represents an opportunity for generating a new product?

• A)understanding the customer
• B)demographic change,such as decreasing family size
• C)changes in professional standards
• D)economic change,such as rising household incomes
• E)All of the above are such opportunities.

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Definitions:

Output Effect

The impact on the total production of goods and services in an economy resulting from changes in demand, supply, technology, or factors of production.

Factors of Production

The basic inputs used to produce goods and services, including land, labor, capital, and entrepreneurship.

Complementary Resource

A good or service that is used together with another good or service to provide a benefit or function.

Substitution Effect

The economic understanding that as prices rise or incomes decrease, consumers replace more expensive items with less costly alternatives.