Examlex
Which of the following is included in product cost for pricing and product-mix decisions?
Inefficient
A state where resources are not optimally allocated, often resulting in wasted resources or outputs that do not maximize potential value.
Monopolistically Competitive
Describes a market structure where many companies sell products that are substitutes, but are not perfect substitutes, leading to some degree of market power for each firm.
Barriers to Entry
Obstacles that make it difficult for new competitors to enter a market, such as high startup costs or strict regulations.
Product Differentiation
The process of distinguishing a product from others in the market to make it more attractive to a particular target market.
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