When Plasma Television Sets Were First Introduced Prices Were High

question 267

Multiple Choice

When plasma television sets were first introduced prices were high and few firms were in the market.Later, economic profits attracted new firms and the price of plasma televisions fell.This example illustrates

• A)a decreasing-cost industry.
• B)that consumers receive this new technology "free of charge" in the sense that they only have to pay a price for plasma televisions equal to the lowest production cost.
• C)an industry with a low minimum efficient scale.
• D)how fickle consumer demands are.

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Definitions:

Creativity

The ability to produce original and unusual ideas, or to make something new or imaginative.

Quality Circles

Small groups of workers from the same work area who meet regularly to identify, analyze, and solve work-related problems, aiming to improve quality, efficiency, and the work environment.

Team Contribution

The individual inputs or efforts provided by each member of a team, which collectively contribute to the team's overall objectives.

Team Decisions

Decisions made collectively by a group of individuals working together, pooling their expertise and perspectives to achieve a common goal.