Product differentiation refers to
A. The selling of identical products in different markets.
B. The charging of different prices for the same product in different markets.
C. Different prices for the same product in a certain market.
D. Features that make one product appear different from competing products in the same market.
Answer: D
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Suppose the manager of a store wants to know whether the product of the store across the street is a substitute for her product. In other words, she would need to know if the _____ for the products is positive
a. cross-price elasticity of demand b. price elasticity of demand c. income elasticity of demand d. price elasticity of supply e. cross-price elasticity of supply
Nations will attract investment and its citizens will engage in productive activities when the institutions and policies of that country
a. discourage market exchange. b. protect people and their property and enforce contracts even-handedly. c. abolish private property rights. d. all of the above.