All of the Following Are True About the Length of Product

question 268

Multiple Choice

All of the following are true about the length of product life cycles except which?

• A)The length of service life cycles is typically longer than those for tangible products.
• B)There is no set time that a product takes to move through its life cycle.
• C)Technological change shortens product life cycles as new products replace existing ones.
• D)The use of mass media tends to shorten product life cycles.
• E)Consumer products have shorter life cycles than business products.

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Definitions:

Quantity Demanded

The aggregate quantity of a product or service that buyers are prepared and able to buy at a specific price.

Equilibrium Price

The price point at which the demand for a product matches the supply of the product, ensuring market stability.

Quantity Supplied

The amount of a good or service that producers are willing and able to sell at a given price over a specified period.

Binding Constraint

A restriction or limitation that affects the feasibility or optimization of a decision or system.