Product differentiation ________. A. is improving the quality of the product B. occurs when two firms...
Product differentiation ________.
A.
is improving the quality of the product
B.
occurs when two firms in an industry buy their factors of production from different suppliers
C.
is making a product slightly different from the products of competing firms
D.
occurs when a firm tries to increase its market share by lowering the price of the good it produces
Homework Answers
C. is making a product slightly different from the products of competing firms
Product differentiation is a practice in marketing in which competitors differentiate its product from others in the market in order to make it more attractive to the target consumers.
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Product differentiation ________.
A.
is improving the quality of the product
B.
occurs when two firms...
There are two firms. Firm 1 (or, a small firm) produces a single product, product A,...
There are two firms. Firm 1 (or, a small firm) produces a single product, product A, at zero cost. Firm 2 (or, a big firm) is a multi-product firm that sells both products A and B. Firm 2 is less efficient in producing A. It incurs a constant marginal cost c > 0 for producing A. However, firm 2 is a monopolist of the market of product B and its cost of producing product B is zero. A unit mass...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
Table 17-7 Two companies, Wonka and Gekko, each decide whether to produce a good quality product...
Table 17-7 Two companies, Wonka and Gekko, each decide whether to produce a good quality product or a poor quality product. In the figure, the dollar amounts are payoffs and they represent annual profits (in millions of dollars) for the two companies. Wonka Good Quality Poor Quality Wonka - 10 Wonka - 9 Good Quality Gekko = 10 Gekko - 12 Gekko Wonka = 12 Wonka - 11 Poor Quality Gekko - 9 Gekko = 11 Refer to Table 17-7....
48) 48) A merger between firms that are in the same industry is called a A) vertical merger C) ho...
48) 48) A merger between firms that are in the same industry is called a A) vertical merger C) horizontal merger. B) conglomerate merger D) none of the above. 49) 49) In oligopoly, any action by one firm to change price, output, or quality causes A) no reaction from the other firms. B) a reaction by other firms. C) loss of market share by the acting firm D) a profit gain for the other firms. 50) 50) The industry concentration...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic completion produces a product that you are familiar with, such as clothing and food. A monopolistic competition is a market in which: many firms compete each firm produces a product that is slightly different from products of other competing firms each firm competes on product quality, price, and marketing each firm is free to enter and exit the market Step 2 Use the scenario...
Question 30 Which of the following do firms in an oligopoly tend to operate more like?...
Question 30 Which of the following do firms in an oligopoly tend to operate more like? a. They can operate like competitors or monopolies. b. They operate more like perfect competitors. c. They operate more like monopolies. d. They operate more like competitors. Question 22 Ella lives in Flint, Michigan where the city water was contaminated with harmful chemicals and lead. Ella’s infant now suffers from mental retardation due to lead poisoning. This is an example of a/an a. external...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Consider the following two graphs for a product produced in a perfectly competitive market (think, for...
Consider the following two graphs for a product produced in a perfectly competitive market (think, for example, corn or oats). The graph on top shows the market supply and demand functions for this product. The one at the bottom is the cost curves for a typical firm in the industry producing this product. These cost curves pertain to long run. As you know, in the long run firms can change the amounts of invested capital, new firms can enter the...
Two large diversified consumer products firms (Firm A and Firm B) are about to enter the...
Two large diversified consumer products firms (Firm A and Firm B) are about to enter the market for a new pain reliever. The two firms are very similar in terms of their costs, strategic approach, and market outlook. The market demand curve for the pain reliever is given as: P = 2 – 0.000625Q where Q = QA + QB Both firms have the same constant marginal costs of production MCA = MCB = $0.50 per bottle; and fixed costs...
Firms that buy inputs from suppliers have more bargaining power when: A. the costs of switching...
Firms that buy inputs from suppliers have more bargaining power when: A. the costs of switching suppliers are low B. the suppliers sell highly differentiated products C. there are many other buyers in the market D. they purchase a relatively small quantity of product If a firm successfully differentiates its product from other products in the market, then we should expect the elasticity of demand for the differentiated product to become: A. retain the same elasticity of demand B. more...
36) When a monopolist sells the same product at different prices and the prices are not related to cost differences, we have B) price differentiation. D) monopoly pricing A) price discrimination C) marginal cost pricing. 37) 37) Monopolies misallocate resources because A) price does not equal marginal cost B) profits are usually positive. C) marginal cost does not equal average total cost. D) price does not equal average total cost. 38) 38) Which of the following assumptions is true about...
Table 17-7 Two companies, Wonka and Gekko, each decide whether to produce a good quality product or a poor quality product. In the figure, the dollar amounts are payoffs and they represent annual profits (in millions of dollars) for the two companies. Wonka Good Quality Poor Quality Wonka - 10 Wonka - 9 Good Quality Gekko = 10 Gekko - 12 Gekko Wonka = 12 Wonka - 11 Poor Quality Gekko - 9 Gekko = 11 Refer to Table 17-7....
48) 48) A merger between firms that are in the same industry is called a A) vertical merger C) horizontal merger. B) conglomerate merger D) none of the above. 49) 49) In oligopoly, any action by one firm to change price, output, or quality causes A) no reaction from the other firms. B) a reaction by other firms. C) loss of market share by the acting firm D) a profit gain for the other firms. 50) 50) The industry concentration...
Step 1 Read the following scenario. Imagine a firm in monopolistic competition. A firm in monopolistic completion produces a product that you are familiar with, such as clothing and food. A monopolistic competition is a market in which: many firms compete each firm produces a product that is slightly different from products of other competing firms each firm competes on product quality, price, and marketing each firm is free to enter and exit the market Step 2 Use the scenario...
QUESTION 1 Which of the following characterizes monopolistic competition? Many firms, each producing a particular version of a product O Many firms selling an identical product O A few firms, each producing a particular version of a product O A few firms controlling the entire market QUESTION 2 The demand curve faced by a monopolistically competitive firm is O flat kinked. O upward-sloping O downward-sloping QUESTION 3 Without a product differentiation, the demand curve for a monopolistically competitive firm would...
Consider the following two graphs for a product produced in a perfectly competitive market (think, for example, corn or oats). The graph on top shows the market supply and demand functions for this product. The one at the bottom is the cost curves for a typical firm in the industry producing this product. These cost curves pertain to long run. As you know, in the long run firms can change the amounts of invested capital, new firms can enter the...
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