Which of the Following Could Be an Example of a Firm's

question 203

Multiple Choice

Which of the following could be an example of a firm's product line?

• A) Coffees.
• B) Disposable diapers.
• C) Snow skis.
• D) Ski boots.
• E) All of these could be examples of a firm's product line.

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Definitions:

Increase in Demand

describes a situation where there is a higher quantity of a product or service desired by consumers at a given price level.

Inferior Good

A type of good for which demand decreases as the income of individuals increases, inversely related to income levels.

Substitutes

Goods or services that can be used in place of each other, where an increase in the price of one leads to an increase in the demand for the other.

Demand Curve

A visual chart that illustrates the connection between the cost of an item and the amount consumers are willing to buy at those costs.