We Live in an Ever-Changing Environment Outside of Our Body,yet

question 26

Multiple Choice

We live in an ever-changing environment outside of our body,yet our internal conditions remain relatively stable.This is called __________.

• A) homeostasis
• B) metastasis
• C) responsiveness
• D) adaptation
• E) evolution

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Definitions:

Product Differentiation

A strategy businesses use to distinguish their products from those of competitors, aiming to increase market share and customer loyalty.

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors such as willingness to pay, location, or purchase volume.

Economies of Scale

The cost advantage that arises with increased output of a product, where the average cost per unit decreases as scale of production increases.

Barriers to Entry

Factors that prevent or hinder companies from entering a specific market, such as high startup costs or stringent regulations.