If a Product Is Developed in Response to Consumer's "Demands

question 53

True/False

If a product is developed in response to consumer's "demands" for specific features,success is always assured.

---

Definitions:

Total Surplus

A measure of society's overall net advantage resulting from the consumption and production of a good or service, comprised of both consumer and producer surplus.

Fire Marshal

An official responsible for enforcing fire safety codes and regulations, as well as investigating fires to determine their cause.

Total Surplus

In economics, the total net gain to society from trading in a market, equal to the sum of consumer and producer surplus.

Smartphone Market

The sector of the economy that deals with the production, distribution, and sale of smartphones.