Examlex
The conversion of energy from the environment into a pattern of responses by the nervous system is called ____________________,while making sense of that information is known as ____________________.
sensation,perception
Product Quality
The measure of the inherent or assigned characteristics of a product that determine its value to the consumer, including durability, reliability, and performance.
Product Diversity
The range and variety of products and services offered by firms within a market or industry.
Competitive Market
A market structure characterized by a large number of buyers and sellers, free entry and exit, and products that are similar across suppliers, ensuring no single entity can control prices.
Entry Barriers
Obstacles that make it difficult for new competitors to enter an industry or market.
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