When a Product or Service Is New to the Industry

question 82

Multiple Choice

When a product or service is new to the industry or is itself creating a new industry,it is referred to as a(n) _____ business.

• A) entry-level
• B) preselling
• C) pioneering
• D) test

---

Definitions:

CPI

Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.

Overall Cost

The complete expenditure involved in producing, maintaining, and delivering a product or service, including direct and indirect costs.

Typical Consumer

An average or representative consumer whose behavior reflects general consumer spending patterns.

Bureau Of Labor Statistics

A U.S. government agency responsible for collecting and analyzing vital and detailed statistical data related to employment, wages, productivity, and other labor market activities.