Examlex
If executed correctly, what can be an important benefit of mass customization?
Marginal Revenue
The additional income earned by selling one more unit of a good or service.
Product Differentiation
The act of setting a product or service apart from others in order to increase its appeal to a designated target market.
Monopolistically Competitive
Describes a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and product differentiation.
Long-Run Demand Curve
A graphical representation showing the relationship between the quantity demanded of a good and its price over a long time period, considering adjustments in factors other than price.
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