Examlex
A small flock of birds becomes stranded on an isolated island during a hurricane.Their population expands across the island,and over a period of several decades,the average beak size in the population becomes smaller,helping the birds eat the smaller seeds and insects found on the island.Which one of the following processes is best illustrated in this example?
Price Leadership
Price leadership occurs when one leading company in an industry sets the price for its products, and other companies in the industry follow suit, often seen in oligopolistic markets.
Product Differentiation
Product Differentiation is the process by which companies distinguish their products from those of competitors on aspects like quality, design, or brand.
Price Leadership
A market situation where one leading firm sets the price of goods or services, and other firms in the industry follow suit, typically seen in oligopolies.
Advertising
A form of communication that is typically paid for, aimed at informing or persuading a target audience about products, services, or ideas.
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