The First Physical Tentative Form of a New Product That

question 56

Multiple Choice

The first physical tentative form of a new product that has the same properties as a new product but is produced through different manufacturing processes is called a(n) :

• A)concept.
• B)theory.
• C)hypothesis.
• D)prototype.
• E)image.

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Definitions:

Relatively Inelastic

Describes a situation where the demand or supply of a product is not significantly changed by alterations in price.

Total Revenue

The sum total of revenue a business earns from its sales activities and service provisions during a particular period.

Inelastic Demand

A situation where the demand for a product does not change significantly with a change in price.

Elastic Demand

Reflects how the quantity demanded of a good or service changes in response to a change in price; high elasticity indicates demand is highly sensitive to price changes.