Q16. Which stage of the Product Life Cycle is characterized by a rapid increase in sales: A. maturity B. growth C. introduction D. expansion E. decline Q17. Which stage of the Product Life Cycle does competitive entry first become significant? A. maturity B. growth C. introduction D. expansion E. decline Q18. These costs remain constant with an increase or decrease in production and sales A. fixed costs B. variable costs C. total costs D. marginal costs E. market costs Q19. Which of the following best describes the relationship between the price charged and the quantity demanded for the typical demand curve: A. as price increases, quantity decreases B. as price increases, quantity increases C. as price decreases, quantity decreases D. as price decreases, quantity remains the same E. as price remains the same, quantity increases Q20. Under conditions of __ price changes have little effect upon quantity demanded. A. inelastic demand B. derived demand C. competitive demand D. elastic demand E. total demand Q21. All of the following are key functions of intermediaries EXCEPT A. sales B. inventory C. display D. production E. credit