An End Product Is A(n)______ Whose Demand Is Unrelated to the Demand

question 24

Multiple Choice

An end product is a(n) ______ whose demand is unrelated to the demand of any other product or item.

• A)dependent demand item
• B)independent demand item
• C)variable demand item
• D)seasonal demand item

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Definitions:

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, with cost per unit of output typically decreasing with increasing scale.

Entry Barrier

Obstacles that make it difficult to enter a particular market, including high start-up costs, strict regulations, or significant competition.

Marginal Revenue

The supplementary earnings achieved by selling another unit of a good or service.

Demand Schedule

A table showing the quantity of a good that consumers are willing to buy at various price levels, holding all other factors constant.