Final answer:
Product life cycles are generally shorter now than twenty years ago, mainly due to technological innovation and planned obsolescence. While producers can expand production capabilities over the long term, this does not extend the life cycle of products.
Step-by-step explanation:
When examining the statement that product life cycles are longer now than twenty years ago, the answer is generally false. Technological advancements and a competitive market environment have led to a phenomenon known as planned obsolescence, where products are designed with a shorter life span to encourage more frequent purchases. With the pace of technological innovation rapidly increasing, many products become outdated quickly as newer models are introduced, effectively shortening the product life cycle. Additionally, the production and consumption rates have grown over time, which typically would contribute to shortening the timescale of product life cycles rather than extending them.
On the supply side, it is true that producers find it easier to expand production over a long term of several years, as expanding production capability does involve significant time and resource investment. However, this ability to expand production doesn't necessarily translate into extended product life cycles; it rather enables producers to meet the increasing demand and replace older models more quickly.