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billyhilly billyhilly
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5 years ago

Question 1.

Product differentiation that makes the product ________ is known as vertical differentiation.



▸ more similar to the rival's product

▸ better for some consumers and worse for others

▸ better than a rival's product from everyone's perspective

▸ less expensive to produce

Question 2.

Monopolistically competitive firms can use product differentiation to do which of the following?



▸ guarantee long-run profitability

▸ block entry of all other firms

▸ provide consumers with commitment devices

▸ gain complete control over the price of their product
Textbook 
Principles of Economics

Principles of Economics


Edition: 12th
Authors:
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peaceout3000peaceout3000
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5 years ago
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billyhilly Author
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