Applying Vernon's product life cycle model from a developing country perspective, when a product reaches the status of a standardized product, imports of the product:
A) increase.
B) decrease.
C) remain the same.

Question

Quizplus · Accepted Answer

When a product reaches the status of a standardized product, imports of the product decrease as the product becomes widely available in the domestic market and local production increases. This is because local firms start producing the product domestically, resulting in reduced dependence on imports.

Applying Vernon's Product Life Cycle Model from a Developing Country