When firms maintain _______________ of product differentiation, they gain a competitive advantage.Select one:a.pricesb.creationc.reputationd.innovation

Multiple Choice QuestionWhy do firms engage in product differentiation if it adds to the firm's costs?Multiple choice question.Increased differentiation may increase demand enough to compensate for the added costs.Increased differentiation leads to a decrease in excess capacity for the firm.Increased differentiation increases productive efficiency.Increased differentiation prevents competitors from achieving a normal profit.

Which of the following should an organization do in order to obtain a competitive advantage through superior innovation?Multiple Choiceprovide high-quality products to create a brand-name reputation for its productsproduce products with technologies that have not been used previouslydecrease the number of product attributes and lower the price of its productsreduce the number of components that go into its productsset up a strong team to handle after-purchase support

Competitive Advantage is normally obtained by leading in one of the following exceptSelect one:a.Product differentiationb.Mass sellingc.Low cost

Which of the following is an unfair competitive advantage?Group of answer choicesbrand nameaccess to global marketslower product pricessuperior technology

onopolistically competitive firms _______________.a.Compete in pricing wars with other firms in the industryb.Advertise the traits that make their product identifiablec.Enjoy monopoly pricing powerd.Merge and consolidate into oligopolistic groupings