Technological advances, shifts in consumer tastes, and increased competition all of which reduce demand for a product are typical of which stage in the PLC ?
Correct answer: A. decline stage
- A. decline stage
- B. introduction stage
- C. growth stage
- D. maturity stage
Explanation
In the decline stage, demand falls because of changing tastes, newer technology, or stronger competitors. The introduction and growth stages normally involve building or increasing demand, while maturity is the saturation stage.
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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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