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IT Graduates Salary The recent average starting salary for new college graduates in IT systems is $47,500. Assume salaries are normally distributed with a standard deviation of $4,500. {IT Graduates Salary Narrative} What is the cutoff for the bottom 5% of the salaries?
Product Differentiation
The method of differentiating a product or service from its competitors to enhance its appeal to a specific target audience.
Monopolistic Competition
A market structure where many companies sell products that are similar but not identical, leading to competition based on factors other than price.
Over-Differentiation
refers to the creation of product variations that exceed customer needs or desires, potentially leading to confusion and reduced sales.
Monopolistically Competitive Industries
Industries in which many firms compete by selling products that are similar but not identical, allowing for product differentiation.
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