Comment on the following statement and evaluate it. "Differentiating a product separates you from your competitors so the market will see you as delivering unique benefits. But you don't want to be too different."
What will be an ideal response?
If you present a totally new business concept, it's possible that the market won't be able to compare you to your competition, which means your product won't be considered as part of the market or you may lose market share altogether. The lesson is that you want to be different but not too different.
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Which of the following is not a significant source of revenue for the U.S. federal government?
A. Personal income taxes B. Corporate income taxes C. Payroll taxes D. Property taxes
Health care costs rose more than 10 percent in 2011, according to a survey of insurers by Aon Consulting Worldwide. Which of the following would be a variable cost in a hospital?
A) nurses B) An MRI machine C) laboratory equipment D) gurneys
In which of the following industries are the firms price-takers?
a. monopoly b. monopolistically competitive c. monopoly and monopolistically competitive d. perfectly competitive e. perfectly competitive and monopolistically competitive
The physical production possibilities frontier illustrates the different combinations of goods that society can produce given
A) the constraints of finite resources and the current state of technology. B) a constant price level. C) its institutional constraints. D) the natural rate of unemployment. E) the constraints of finite resources and the current state of technology and institutional constraints.