Asked by Joleecia Gresham on May 10, 2024
Verified
The case for product differentiation does not include the fact that
A) products that satisfy a real demand survive.
B) standards of living rise with product innovation.
C) new products satisfy people with different preferences.
D) it wastes society's scarce resources.
Product Differentiation
The strategy businesses use to distinguish their products or services from those of competitors in ways that appeal to customers.
Scarce Resources
Essential inputs such as labor, capital, and natural resources that are limited in supply and are allocated for various uses in production.
- Understand the function and debates surrounding advertising within monopolistically competitive markets.
Verified Answer
PK
Pavan KumawatMay 15, 2024
Final Answer :
D
Explanation :
Product differentiation typically aims to meet diverse consumer needs and preferences, enhance competition, and drive innovation, rather than wasting resources.
Learning Objectives
- Understand the function and debates surrounding advertising within monopolistically competitive markets.