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:

Collision

In computing and networking, it refers to an event where two or more requests for the use of a single resource overlap, causing an error or delay.

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Normally distributed refers to a data distribution that follows a normal distribution curve, where most observations cluster around the mean and tails are symmetrical.

Learning Time

The duration required to acquire new skills or knowledge.