Which of the Following Has Resulted in a Dramatic Shortening

question 28

Multiple Choice

Which of the following has resulted in a dramatic shortening of product life cycles?

• A) Acceleration of the pace of technological change
• B) Intensity of domestic competition
• C) Affluence of customers
• D) Increase in the number of educated consumers
• E) Removal of trade barriers

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Definitions:

Supply Curve

A graphical representation showing how the quantity of a good supplied by producers changes in response to different prices.

Demand Curve

A graph showing the relationship between the price of a good and the quantity demanded by consumers, typically downward sloping.

Production Technology

The methods, processes, and equipment used in the production of goods and services.

Market Quantity Supplied

The total amount of a specific good or service that is available for purchase in a market at a given price.