The ________ Theory Was Based on the Observation That for Most

question 71

Multiple Choice

The ________ theory was based on the observation that for most of the twentieth century a very large proportion of the world's new products had been developed by U.S. firms and sold first in the U.S. market.

• A) product life-cycle
• B) Heckscher-Ohlin
• C) new trade
• D) Ricardo

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Definitions:

Quantity Supplied

Quantity supplied is the amount of a good or service that producers are willing and able to sell at a certain price over a given period.

Price

The cost of buying a good or service, influenced by different elements like supply and demand dynamics.

Rises

An increase, typically referring to prices, quantities, or levels in an economic context.

Immediate Market Period

The length of time during which the producers of a product are unable to change the quantity supplied in response to a change in price and in which there is a perfectly inelastic supply.