Which of the Following Is True About Latent Markets

question 17

Multiple Choice

Which of the following is true about latent markets?

• A) An organization's initial success is based on its competitiveness.
• B) A product has zero demand before it is offered.
• C) A product's demand emerges with a particular political trend.
• D) A product's demand remains incipient in a latent market.

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Definitions:

Utility Possibilities Frontier

A graphical representation showing all the possible combinations of two goods that two countries (or agents) can efficiently produce using all of their resources.

Marginal Rates

The amount of change in a variable (often related to costs or taxes) associated with a one-unit change in another variable.

Utility Functions

Mathematical representations describing the level of satisfaction or utility that a consumer derives from consuming a good or combination of goods.

Equilibrium

A state of balance in a market, where demand equals supply, and economic forces are at rest.