The Products or Services That Are Differentiated from Others Have

question 120

Multiple Choice

The products or services that are differentiated from others have qualities that are

• A)perceived by the customer to add value for which they will pay a premium.
• B)valued by the typical industry customer.
• C)perceived as standardized by the customer.
• D)seen as classic attributes rather than passing fads.

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Definitions:

Marginal Benefits

The added pleasure or value that comes from the additional consumption or production of a good or service unit.

Marginal Costs

The supplementary cost involved in the production of one more unit of a product or service.

Production Possibilities Curve

A graph that shows the maximum number of possible units of two commodities that a economy can produce with available resources and technology.

Marginal Benefit

The incremental gain in happiness or usefulness obtained through consuming an extra unit of a good or service.