In Markets Characterized by Technological Unpredictability,the Vendor Assumes Control Over

question 6

Multiple Choice

In markets characterized by technological unpredictability,the vendor assumes control over customization because:

• A)industry products are more modular
• B)customers don't want to invest in knowledge that will soon become obsolete
• C)vendors have more resources
• D)and and b only
• E)a,b and c

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Definitions:

Equilibrium Quantity

The quantity of a good or service demanded and supplied at the equilibrium price, where market supply and demand balance each other.

Bushels

A unit of volume used primarily in agriculture to measure quantities of grain, fruit, or other produce.

Equilibrium Level

The point at which market supply and demand balance each other, and as a result, prices become stable.

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.