Quiz_137 - TRUE\/FALSE. 140 Answer True 140 False Diff:1 PageRef:447\/447 Topic Factor

Quiz_137 - TRUE/FALSE. 140 Answer True 140 False Diff:1...

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TRUE/FALSE. WriteʹTʹif the statement is true andʹFʹif the statement is false.140) The ability to engage in product differentiation is one of the factors a manager or owner of a firmcan control in order to create value for consumers.140)Answer:TrueFalseDiff: 1Page Ref: 447/447Topic: Factors that Determine SuccessLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison toother market conditionsAACSB: Reflective Thinking141) If a firm can produce a product at a lower average cost than its competitors, it stands a betterchance of earning economic profit.141)Answer:TrueFalseDiff: 1Page Ref: 447/447Topic: Factors that Determine SuccessLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison toother market conditionsAACSB: Reflective ThinkingESSAY. Write your answer in the space provided or on a separate sheet of paper.142) What are the key factors that determine the profitability of a firm in a monopolistically competitive market?Answer: A monopolistically competitive firmʹs profitability depends on its ability to differentiate its products(especially to make them seem more desirable than competitorsʹproducts) and to produce its product ata lower average cost than competing firms.Diff: 2Page Ref: 447/447Topic: Factors that Determine SuccessLearning Outcome: Micro 15: Discuss the role of differentiation in monopolistic competition in comparison to other marketconditionsAACSB: Reflective Thinking143) Explain the significance of brand management to a firm that has differentiated its product. Commentspecifically on the importance of obtaining a trademark.
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