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A ________ Is a Modification to an Existing Product in Order

question 104

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A ________ is a modification to an existing product in order to differentiate one brand from another.The consumer doesn't have to learn anything to use the new product.


Definitions:

Foreign Firms

Businesses that operate in a country other than where their original headquarters are located.

Revenue Decrease

A decline in the amount of money received from sales or services over a certain period.

Ethanol Imported

Refers to ethanol (a biofuel) that is bought from foreign producers and brought into a country’s borders, often used as an additive in gasoline.

Consumer Surplus

The contrast between the total expenditure consumers are willing to make on a good or service and the total expenditure they actually make.

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