The Figure Given Below Shows the Revenue and Cost Curves

question 73

Multiple Choice

The figure given below shows the revenue and cost curves of a monopolistically competitive firm.Figure 12.4
MR: Marginal revenue curve
ATC: Average total cost curve
MC: Marginal cost curve
-Which of the following is true of product differentiation?

• A)Product differentiation is the first order derivative of the production function.
• B)Product differentiation exists only when the products are actually different from each other.
• C)Product differentiation exists when consumers perceive the products to be different.
• D)Product differentiation exists when producers perceive the products to be different.
• E)Product differentiation exists when similar goods are sold in geographically segregated markets.

Recognize how product features and benefits fit within the marketing mix.

Distinguish between traditional and entrepreneurial marketing strategies.

Understand the importance of place within the marketing mix and its impact on accessibility.

Learn the significance and process of branding in differentiating products and services.

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