Product Differentiation Means

question 71

Multiple Choice

Product differentiation means

• A) firms sell products that are very dissimilar.
• B) products sold by different firms are slightly different.
• C) charging a higher price to consumers with high willingness to pay.
• D) charging a lower price to consumers with low willingness to pay.
• E) that a single firm sells many different types of products.

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Definitions:

Lateral Geniculate Nucleus

A significant relay center in the thalamus for the visual pathway, receiving major inputs from the retina and sending outputs to the visual cortex.

Olfaction

The sense of smell, which is the detection and identification of chemicals in the air by the olfactory system.

Vision

The ability to interpret the surrounding environment by processing information contained in visible light.

Thalamus

A brain structure that acts as a relay station, processing and transmitting sensory information to various areas of the brain.