Deficient Products Are Products ________

question 28

Multiple Choice

Deficient products are products ________.

• A) that have neither immediate appeal nor long-run benefits
• B) that give high immediate satisfaction but only hurt consumers in the long run
• C) that have low appeal but may benefit consumers in the long run
• D) that are either unsafe or inferior
• E) in the decline stage of the product life cycle

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Definitions:

Price Taker

A seller (or buyer) that is unable to affect the price at which a product or resource sells by changing the amount it sells (or buys).

Price Maker

A market participant that has the power to influence the price of a product or service by controlling its supply, its demand, or both.

Equilibrium Price

The price at which the quantity of a good or service demanded by consumers is equal to the quantity supplied by producers, leading to a market balance.

Marginal Revenue

The extra profit made by selling an extra unit of a product or service.