An Increase in the Technology Used in the Production of Only

question 31

Multiple Choice

An increase in the technology used in the production of only one of the two goods in a society will

• A)eliminate scarcity
• B)move the production possibilities frontier out in all directions
• C)move the production possibilities frontier in all directions
• D)leave one intercept of the production possibilities frontier fixed and swing out from the other

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Definitions:

Seven-Step Sales Process

A sequence of steps salespeople follow to sell a product, typically including preparation, approach, presentation, handling objections, closing, and follow-up.

Penetration Pricing

A pricing strategy that involves setting lower than normal prices for a new product or service to attract customers away from competitors.

Profitability Objectives

Common objectives included in the strategic plans of most companies.

Volume Objectives

Targets set by a business regarding the amount of product it plans to sell or produce within a specific timeframe.