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Independent Firms or Individuals Whose Principal Function Is to Bring

question 113

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Independent firms or individuals whose principal function is to bring buyers and sellers together to make sales are referred to as


Definitions:

Product Differentiation

This is a strategy where companies distinguish their products from those of competitors on bases such as quality, design, or customer service.

Product Differentiation

A marketing strategy that businesses use to distinguish their products from similar offerings, through features, branding, quality, or other attributes.

Excess Capacity

The situation in which a firm is producing at a lower scale of output than it has been designed for, typically because of declining demand.

Monopolistically Competitive Firms

Monopolistically competitive firms operate in a market structure where many firms sell products that are similar but not identical, allowing for some degree of market power and price setting.

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