What Is a Niche Within an Industry

question 25

Multiple Choice

What is a niche within an industry?

• A) A subdivision of an industry which includes a set of competitors that address particular customer groups
• B) A geographic region of an economy
• C) A new type of technology
• D) A new emerging customer group

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Definitions:

Yearly Return

The total gain or loss experienced on an investment over a period of one year.

Fixed Costs

Costs that do not change with the level of output, such as rent, salaries, and insurance premiums.

Short Run

A time period in which at least one factor of production is fixed, limiting the ability of a firm to adjust its output.

Maximize Profits

The goal of increasing the difference between revenue and expenses to the highest possible level.