The Merit Standard Refers to

question 90

Multiple Choice

The merit standard refers to

• A) "To each according to her need."
• B) "To each exactly the same."
• C) "To each according to her productivity."
• D) "To each according to his ability."

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Definitions:

Product Differentiation

A marketing strategy that businesses use to distinguish their products from similar offerings in the market by varying features, branding, or quality.

Price Competition

A market situation in which companies attempt to win customers by offering lower prices than their competitors.

Waste of Resources

The inefficient use of materials, labor, energy, or capital that does not maximise potential utility or value.

Monopolistically Competitive

In a monopolistically competitive market, many firms sell products that are similar but not identical, allowing for product differentiation and some degree of market power over prices.