Which of the Following Products Is Most Likely to Be

question 44

Multiple Choice

Which of the following products is most likely to be in the decline stage of its product life cycle?

• A) prerecorded audiocassette tapes
• B) programmable CD-ROMs
• C) wireless mobile phones
• D) sports drinks

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Definitions:

Output

The complete volume of products or services generated by a business, sector, or economic structure.

Profit

Profit is the financial gain that is achieved when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity.

Inverse Demand Function

A mathematical representation showing how the quantity demanded of a good or service changes as its price changes, holding everything else constant.

Unit Tax

A tax that is imposed on a product based on a fixed amount per unit, rather than a percentage of the price.