The Statement, "The Black, Rectangular Intech ThinkPad Has a Red

question 58

Multiple Choice

The statement, "The black, rectangular Intech ThinkPad has a red tracking ball and a multicolored Intech logo set at 35 degrees in the lower right corner," is an example of a(n) :

• A) product benefit.
• B) market need.
• C) product advantage.
• D) segmentation variable.
• E) product feature.

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Definitions:

Monopolistically Competitive

A market structure in which several or many sellers each produce similar, but slightly differentiated products; competition is based on product differentiation, prices, and marketing.

Monopolistically Competitive

A market structure characterized by many firms selling products that are substitutes but not perfect substitutes, leading to some degree of market power for each firm.

Fixed Costs

Costs that do not change with the level of output produced, such as rent, salaries, and loan repayments.

Short Run

A period in which at least one of a firm's inputs is fixed and cannot be changed.