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A loose screw on the visor causes it to drop down while Ben drives; however, he keeps forgetting to take a screwdriver out to the car to fix it. When he notices the visor drop again, he reaches into his pocket for a dime he uses to tighten the screw holding the visor. What problem-solving difficulty did Ben overcome?
Product Differentiation
The method of differentiating a product or service from competitors in the marketplace to increase its appeal to a specific target audience.
Tacit Collusion
An unspoken, unofficial agreement between competitors to avoid certain actions or behaviors considered competitive, without explicit communication.
Nonprice Competition
Competition in areas other than price to increase sales, such as new product features and advertising; especially engaged in by firms that have a tacit understanding not to compete on price.
Nash Equilibrium
A concept within game theory where no player can benefit by changing strategies while the other players keep theirs unchanged.
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