A Firm Makes Complex Telecommunications Products,such as Cellular Telephones

question 10

Multiple Choice

A firm makes complex telecommunications products,such as cellular telephones.Because this company has a distinctive competency in research and development,it should try to differentiate its product through

• A)reliability.
• B)innovation.
• C)advertising.
• D)service.
• E)low price.

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Definitions:

Inclusive Union

A labor union that aims to represent a wide variety of workers, regardless of occupation or industry, focusing on broad-based membership and rights.

Perfectly Competitive

A market structure where there are many sellers and buyers, products are homogeneous, and there are no barriers to entry or exit.

Compensating Differences

Differences in the wages received by workers in different jobs to compensate for the nonmonetary differences between the jobs.

Wage Rates

Wage rates are the standard amount of compensation given to employees for their labor, typically expressed per hour or day.