A: Firms that bring new and innovative products to the market face relatively more elastic demand curves than their competitors.
B: Relative to other types of competition, product innovation is critical to the pursuit of economic profits.
C: Advertising is necessary to communicate the uniqueness of the firm’s products relative to its competitors.
举一反三
- Which of the following statements is most accurate regarding the characteristics of a perfectly competitive market A: Firms" products are different. B: The competitors never earn economic profits. C: Barriers to entry into the market are nonexistent.
- Because economic profits are eliminated in the long run in monopolistic competition, to make an economic profit, firms continuously develop and market new products。(<br/>)
- In perfect competition, ________. A: there are restrictions on entry into the market B: firms in the market have advantages over firms that plan to enter the market C: only firms know their competitors' prices D: there are many firms that sell identical products
- Under the monopolistic competition, there are many competitors in the market. But each firm sells a slightly different product, which can form some market leaders. Each firm makes independent decisions about price and output.
- Which of the following characteristics is common to monopolistic competition and perfect competition? A: Firms produce identical products. B: Entry barriers into the industry are low. C: Each firm faces a downward-sloping demand curve. D: Firms take market prices as given.
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Which one of the following statements is TRUE for BOTH perfect competition and monopolistic competition? A: Each type of firm faces a downward sloping demand curve. B: Each type of firm produces a homogeneous product. C: In the long run, firms in both industries make zero economic profit. D: Each type of firm competes on product quality and price.
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Which of the following firms is likely to have a high level of resource flexibility A: A firm that uses a line process B: A firm that produces only one product C: A firm whose products have stable demand D: A firm that frequently introduces new products
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Which one of the following is NOT a characteristic of monopolistic competition?() A: Differentiated products. B: Elastic demand curves C: A single seller.
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Which of the following is the aim of the product concept? A: focus on the target market and make products that meet those customers' demands B: focus on making continuous product improvements C: market only those products with high customer appeal D: improve the marketing of a firm's best products
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To maintain a leading position in the market, companies have to develop products which are cheaper, more ______ and more reliable than those of their competitors. A: innovative B: commensurate C: enlightening D: legitimate