Product Development Is Efficient If the

question 2

Multiple Choice

Product development is efficient if the

• A) new product actually brings great benefits to the consumer.
• B) producer's marginal cost of product development equals the consumer's marginal benefit.
• C) producer surplus from selling the product equals the consumer surplus.
• D) average cost of the product development equals the average revenue generated.

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Definitions:

Unassertive

Characterized by a lack of confidence and decisiveness in expressing one’s own desires, opinions, and needs.

Timid

Describes someone who is showing a lack of courage or confidence, easily frightened.

Cognitive Development

The study of how thinking, problem solving, and intelligence change and mature over time, particularly in children.

Continuous Process

An ongoing operation or production method that functions without interruption.