Which of the Following Is Not One of the Benefits

question 83

Multiple Choice

Which of the following is not one of the benefits to a firm of new product development?

• A) reducing the costs of production
• B) satisfying the changing needs of current and new customers
• C) avoiding market saturation from products that have been on the market for a long time
• D) creating diversification and reducing risk
• E) keeping up in a market with short product life cycles where sales come mostly from new products

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Definitions:

Efficient

In economic terms, relates to an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

Opportunity Cost

Opportunity cost represents the value of the best alternative forgone when a decision is made to choose one option over another.

Parking Permit

A document or label allowing a vehicle to be parked in a designated area or facility.

Opportunity Cost

The expense associated with not choosing the second-best option when a decision or choice is made.