An Industry Dominated by a Few Large Firms,all of Which

question 82

Multiple Choice

An industry dominated by a few large firms,all of which struggle with product differentiation,is known as

• A) multi-domestic.
• B) consolidated.
• C) global.
• D) indigenous.
• E) worldwide.

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Definitions:

Nonperformance

A failure to act or fulfill a duty, obligation, or contractual agreement.

Revocation

In contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability.

Premium Price

The higher price charged for a product or service that is perceived to have greater value compared to alternatives.

Agency Relationship

A legal relationship in which one party (the agent) is authorized to act on behalf of another (the principal) in business transactions.