When an Entrepreneur Like Bill Gates Makes $10 Billion Through

question 49

Multiple Choice

When an entrepreneur like Bill Gates makes $10 billion through creating and selling new products,

• A) there will be exactly $10 billion less for other individuals in the economy.
• B) the total size of the economic pie has been increased.
• C) there will be more than $10 billion in losses to other workers who lose their jobs.
• D) it is likely that the new products are not as good as other products that are available in the market.

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Definitions:

Manufacturers

Businesses or individuals that produce finished goods from raw materials through the use of labor, tools, and processing.

Generalized Product Life Cycle

A conceptual framework describing the stages a product goes through, from introduction to decline in the market.

Marketing Objective

A specific, measurable goal that a company aims to achieve with its marketing efforts within a given timeframe.

Trading Up

A strategy where a business encourages customers to purchase higher-priced items, upgrades, or add-ons.