When the Government Wants to Give an Exclusive Right to One

question 257

Multiple Choice

When the government wants to give an exclusive right to one firm to produce a product, it

• A)imposes a tariff on imports of the product.
• B)imposes a quota on imports of the product.
• C)grants a patent or copyright to an individual or firm.
• D)uses antitrust laws to keep other firms from entering the market.

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Definitions:

Segment

Refers to a distinct group within a larger population or market, often characterized by specific demographics, behaviors, or preferences.

Segmentation Strategy

The method of splitting a wide market of consumers or businesses, which includes both existing and potential clients, into smaller segments according to certain common traits they share.

STP Process

Acronym for Segmentation, Targeting, and Positioning, a strategic approach in marketing to identify target audiences and develop tailored marketing strategies.

Target Market

The specific group of consumers at which a company aims its products and services.