-Refer to Table 3

question 64

Multiple Choice

-Refer to Table 3.1.Suppose there is a monthly tax of $100 on the house that you rent.How does this affect the number of hours you spend mowing the lawn?

• A) Less time would be spent mowing the lawn because the cost of mowing the lawn would increase
• B) Less time would be spent mowing the lawn because the benefit of mowing the lawn would decreases
• C) More time would be spent mowing the lawn because the net benefits of mowing the lawn would increase
• D) There would be no change in the amount of time spent mowing the lawn

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Definitions:

Product Specialization

A strategy where a business focuses on the production and development of a particular product or range of products, often to achieve higher levels of efficiency and expertise.

Economies of Scale

Cost advantages obtained due to increased production levels, where the cost per unit of production decreases as the volume produced increases.

Economies of Scope

Cost advantages that a business obtains through the diversification of product lines, enabling more efficient use of resources.

Behavioral Target Marketing

A marketing strategy that uses consumer behavior, including browsing and purchasing history, to tailor advertising and promotions.