Which of the Following Statements About Industry,industry Dynamics,and Industry Lifecycle

question 96

Multiple Choice

Which of the following statements about industry,industry dynamics,and industry lifecycle is true?

• A) Industry refers not only to your product or service,but also to all your competitors selling that product or service.
• B) The fortunes of industries do not move in predictable ways.
• C) Small firms avoid entering "hot" industries.
• D) If the industry is not growing there is no way to be successful as a start-up.

---

Definitions:

Technological Advance

Progress in technology and innovation that leads to new methods, products, or improvements in production, efficiency, and development.

Preferred Mix

The optimal combination of goods and services chosen by an individual or firm based on preferences, income, and prices.

Productive Efficiency

Achieved when goods or services are produced at the lowest possible cost and utilizing resources in the best way possible.

Average Total Cost

The total cost of production divided by the quantity of output produced, showing the average cost per unit.