Product differentiation exists within an industry if
A) there are no substitutes for a product.
B) there are close but not perfect substitutes for a product.
C) the firm can sell all it wants at the chosen price.
D) there is a monopoly.
B
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A reduction in the ratio of the money supply to GDP is
a. financial deepening b. inflation c. financial repression d. real interest rate e. none of the above
In one week, Mohammed can knit 5 sweaters or bake 240 cookies. In one week, Tetah can knit 15 sweaters or bake 480 cookies. Mohammed and Tetah would produce the maximum quantities of cookies and sweaters if
a. Mohammed knitted and baked and Tetah did nothing b. Tetah knitted and baked and Mohammed did nothing c. Mohammed knitted and Tetah baked d. Tetah knitted and Mohammed baked e. Mohammed knitted and baked and Tetah just knitted