A Product That Is ________ Would Be LEAST Likely to Benefit

question 11

Multiple Choice

A product that is ________ would be LEAST likely to benefit from market research.

• A) highly competitive
• B) newly invented
• C) expensive
• D) imported

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Definitions:

Production Possibilities Frontier (PPF)

A curve depicting all the possible combinations of two goods that can be produced within an economy, given a set of inputs and technology, assuming efficiency in production.

Labor Deepening Technology

Refers to investments in technology that increase the productivity of each worker.

Standard Of Living

A measure of wealth, comfort, material goods, and necessities available to a person or community.

Necessities Of Life

Basic needs required for maintaining a healthy existence, such as food, water, shelter, and clothing.