Some Resources Are Better Suited to Produce Certain Goods Than

question 224

Multiple Choice

Some resources are better suited to produce certain goods than other resources. This fact leads to

• A) a linear production possibilities curve.
• B) inefficiency in the economy.
• C) the law of increasing additional cost.
• D) increases in technology.

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Definitions:

Customer Needs

The specific desires, requirements, or preferences of customers that businesses aim to fulfill with their products or services.

Differentiated Marketing

A marketing strategy in which a company targets several market segments with a different offering for each.

Unit Costs

The cost incurred by a company to produce, store, and sell one unit of a particular product or service.

SWOT Analysis

A strategic planning technique used to identify and understand the Strengths, Weaknesses, Opportunities, and Threats related to business competition or project planning.