The course of a product's sales and profits over its lifetime is called ?
Correct answer: E. the product life cycle
- A. the sales chart
- B. the dynamic growth curve
- C. the adoption cycle
- D. the adoption cycle
- E. the product life cycle
Explanation
The product life cycle traces a product's sales and profits from introduction through growth, maturity, and decline. An adoption cycle concerns how consumers accept a product, not its sales and profit history.
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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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