Other things being equal, the rate of new product development seems to be greater in countries whereMultiple Choiceconsumers belong to lower social strata.underlying domestic demand is weak.intense competition is present.infrastructure is in the developing phase.

The shift of industry to developing countries has resulted in –Group of answer choicesa lower standard of living in developing countries.higher unemployment in developing countries.an industrial decline in the United States and Europe.tighter trade restrictions across the globe.

Competition fosters efficiency and low prices becauseMultiple Choicebuyers will have a limited choice of goods and services.the government regulates the prices of goods and services.a decreased supply of goods and services depresses prices.producers have to offer the best products at the most reasonable price.

Which factor contributes to the attractiveness of low-cost country sourcing?  A. Advanced infrastructure  B. High labor costs  C. Stringent regulations  D. Technological limitations

Individuals and societies must make choices regarding which goods and services will be produced and consumed because aunlimited wants can only be satisfied by allocating resources efficiently ba country cannot have a comparative advantage in the production of all goods callocating scarce resources efficiently reduces the equitable distribution of goods dincome is not equally distributed to ensure that everyone can participate in the market eresources are insufficient to satisfy the unlimited wants of people

Strictly speaking, pure competition is relatively rare. Then why do we study it? multiple choiceIt produces ideal results in terms of low-cost production and allocative efficiency, which can be used as a basis of comparison.It is the most prevalent industry structure in South Africa.It is the most common type of global industry structure.It is the only industry structure in which price equals marginal cost.