Application of the Product Life Cycle Concept to Retailing Suggests

question 379

True/False

Application of the product life cycle concept to retailing suggests that all types of retailers are in early market growth due to continually increasing family income.

---

Definitions:

Total Individual Benefit

The total value or satisfaction that an individual derives from consuming a particular quantity of goods or services.

Marginal Benefit

The supplementary enjoyment or advantage gained by consuming another unit of a good or service.

Marginal Social Benefit

The additional benefit received by society as a whole from the production or consumption of one more unit of a good.

Marginal Social Benefit

The additional gain to society as a whole from an additional unit of a good or service, considering both private benefits and externalities.