CLEP Microeconomics Exam Prep

Answer - D - The correct stage progression in a product’s lifecycle is launch - growth - maturity - decline.

Key Takeaway: The price of goods and services depends largely on the product’s lifecycle. For example, new electronics are usually highly priced during the launch and growth phases. As the product gains competition in the market, its price typically declines to maintain its presence in the market. As newer versions appear, prices are reduced during the decline phase.