When Consumers Act as the Final "Judge and Jury" Through

question 38

Multiple Choice

When consumers act as the final "judge and jury" through their feedback on the quality of a new idea, they are taking part in

• A)a competitive field.
• B)a concept test.
• C)a direct response
• D)a tracking study.

---

Definitions:

Short Run

The period of time during which at least one input, such as plant size, is fixed and cannot be changed.

Long Run

A period in economics where all factors of production and costs are variable, allowing companies to adjust all inputs and operations to market demands.

Fixed Resource

A resource or asset in production whose quantity cannot easily be increased or decreased in the short term.

Short Run

in economics, refers to a period during which at least one input, such as plant size, is fixed and cannot be changed.