For Each Historical Identification Question, Define the Term and Briefly

question 22

Short Answer

For each historical identification question, define the term and briefly describe its historical significance.
-Abbasids

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Definitions:

Product Differentiation

A strategy in which one firm’s product is distinguished from competing products by means of its design, related services, quality, location, or other attributes (except price).

Monopolistic Competition

A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition.

Product Differentiation

A marketing strategy that involves distinguishing a product or service from others in the market to make it more attractive to a particular target market.

Collusion

A situation in which firms act together and in agreement (collude) to fix prices, divide a market, or otherwise restrict competition.