The Competitive Positioning Strategy Whereby the Company Focuses Its Efforts

question 53

Multiple Choice

The competitive positioning strategy whereby the company focuses its efforts on serving a few market segments well is known as:

• A) focus.
• B) middle- of- the- road.
• C) differentiation.
• D) price sensitivity.
• E) overall cost leadership.

Understand the economics behind wage premiums for certain jobs and shifts.

Analyze the effect of unionization on wages.

Interpret data on wage changes over time and across different education levels.

Recognize the role of non-measurable factors in wage determination.

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Definitions:

Kinked

Often relating to the kinked-demand curve seen in oligopolistic markets, where firms face a price elasticity that abruptly changes as prices increase or decrease.

Oligopolist

A seller in an oligopoly market, a market structure characterized by a small number of firms dominating the market.

Payoff Matrix

A table showing the potential outcomes or payoffs from different decisions or strategies in game theory.

Duopoly

A market structure characterized by two producers or sellers dominating a particular industry or sector.