In terms of special product life cycles a ________ is a basic and distinctive mode expression?
Correct answer: B. style
- A. genre
- B. style
- C. fashion
- D. fad
Explanation
A style is a basic and distinctive mode of expression, such as a particular style of clothing or furniture. Fashion is a currently accepted style, while a fad has a short-lived and rapidly rising popularity.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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