________ Is Best Described as the Advantage That Comes from Offering

question 81

Multiple Choice

________ is best described as the advantage that comes from offering a unique good or service for which customers are willing to pay a premium price.

• A) Equilibrium
• B) Standardization
• C) Differentiation
• D) Liquidity
• E) Capitalization

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Definitions:

Average Costs

The cost per unit of output on average, calculated by dividing total costs by the total quantity of output.

Selling Price

Selling price is the amount of money a buyer pays to purchase a product or service from a seller.

Incremental Cost

An increase in cost between two alternatives.

Manufacturing Cost

The total cost incurred by a company to manufacture a product, including raw materials, labor, and overhead expenses.