Raymond Vernon's Theory of the Product Life-Cycle Was Based on the Observation

question 34

True/False

Raymond Vernon's theory of the Product Life-Cycle was based on the observation that for most of the 20^th century a very large proportion of the world's new products were developed by U.S.firms and sold first in the U.S.market.

---

Definitions:

Price

The financial commitment expected, necessary, or made as payment for an article.

Miles

A unit of distance measuring 5280 feet or approximately 1.609 kilometers.

Inferior Good

A type of good whose demand decreases as the income of consumers increases, opposite to normal goods.

Normal Good

A type of good for which demand increases when income increases, and falls when income decreases, but price remains constant.