Why Is the Type of Product Sold in an Industry

question 58

Multiple Choice

Why is the type of product sold in an industry an important characteristic?

• A) A firm that can differentiate its product from that of rivals may be able to charge a higher price for a superior product.
• B) A firm that sells intangible goods is usually considered a monopoly.
• C) Expensive products are usually sold by perfectly competitive firms.
• D) Service industries cannot differentiate their products, which makes it easy for new firms to enter the industry.

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Definitions:

Anglicized

Adapted or modified to reflect English characteristics or language, often referring to names, words, or cultural practices.

Ethnic Group

A community or population made up of people who share a common cultural background, ancestry, or lineage.

Overt Discrimination

Clear, open, and deliberate unequal treatment of individuals based on categories such as race, age, gender, or religion.

Subtle Discrimination

Discriminatory practices or behaviors that are not overt or blatant, often difficult to identify and address.