The ______ holds that consumers will favor products that are available and highly affordable (therefore, work on improving production and distribution efficiency) ?
Correct answer: B. production concept
- A. product concept
- B. production concept
- C. production cost expansion concept
- D. marketing concept
Explanation
The production concept assumes consumers prefer products that are widely available and inexpensive, so firms concentrate on efficient production and distribution. The product concept instead emphasizes superior quality, features, or performance.
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About Microeconomics
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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