In Order to Be Successful a Business Should Ensure That

question 13

Multiple Choice

In order to be successful a business should ensure that it has

• A)a monopoly position
• B)ergonomic product design
• C)environmentally friendly aspects
• D)a competitive advantage

---

Definitions:

Price Discrimination

A pricing strategy where a seller charges different prices for the same product or service to different customers, not based on costs but on what the seller believes each customer can afford or is willing to pay.

Single-Price Monopoly

A market structure where a single seller sells a unique product in the market and does not charge different prices to different consumers for the same product.

Monopolist's Profits

The excess earnings a monopolist achieves by being the sole provider of a product or service, which allows for pricing above marginal cost.

Price Discrimination

A strategy by a provider to sell the same or almost the same goods or services at various prices in different markets.