What Is a Market Niche

question 46

Multiple Choice

What is a market niche?

• A)A small group of consumers with unique needs and who typically are willing to pay a premium to have those needs met.
• B)A small segment that a firm tries to dominate but ultimately shares with many other competitors.
• C)A competitive position that has cost a firm in time and money but has shown little profitability.
• D)Astrategy that positions the firm's brand as close to the market leader as possible.

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Definitions:

Minimum Wage

The lowest legal wage that employers can pay to workers, aimed at protecting workers from unduly low pay.

Equilibrium Wage Rate

The equilibrium wage rate is the wage rate at which the quantity of labor demanded by employers equals the quantity of labor supplied by workers.

JMP Instruction

A command in assembly or machine language that causes the computer to jump to a different part of the program.