Werner H,an Engineer Very Experienced in Bridge Design,is Looking for a a Position

question 55

Multiple Choice

Werner H.,an engineer very experienced in bridge design,is looking for a position with a firm that specializes in bridge building.In presenting his qualifications,he takes care to point out his experience in handling difficult terrain.Werner is currently doing business in a ________ market.

• A) consumers'
• B) business
• C) product
• D) resource
• E) closed

---

Definitions:

Product Differentiation

Product differentiation is the process of distinguishing a product or service from others, to make it more attractive to a particular target market.

Demand Curves

Graphical representations showing the relationship between the price of a good and the quantity demanded at those prices, usually downward sloping.

Marginal Revenue

The change in total revenue that results from the sale of 1 additional unit of a firm’s product; equal to the change in total revenue divided by the change in the quantity of the product sold.

Monopolistically Competitive

A market structure in which many companies sell products that are similar but not identical.