An Example of a Japanese Service Export Is a Visit

question 7

Multiple Choice

An example of a Japanese service export is a visit by a ________.

• A)Japanese citizen to Disneyland in the United States
• B)Japanese citizen to the Japan Pavilion at Epcot Center in the United States
• C)U.S. citizen to the Japan Pavilion at Epcot Center in the United States
• D)U.S. citizen to Tokyo Disneyland in Japan

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Definitions:

Product Differentiation

The procedure of differentiating a product or service among its market competitors to make it more appealing to an intended target market.

Purely Competitive Market

A market structure characterized by many buyers and sellers, freedom of entry and exit, and a product that is homogeneous across producers.

Equilibrium Price

The price at which the quantity of goods supplied is equal to the quantity of goods demanded; the market price where no surplus or shortage exists.

Marginal Revenue

The additional income earned from selling one more unit of a good or service; it's a crucial concept for understanding how firms decide on output levels.