Med-Ready Supplies produces and sells thermometers that are basically identical to those sold by other companies in the market. However, Med-Ready thermometers sell for twice the price of the other thermometers. Why can Med-Ready charge higher prices than other sellers yet still maintain customers?
A) Med-Ready must have lower production costs than other producers.
B) Med-Ready has successfully used barriers to entry to maintain its dominance.
C) Consumers are not interested in price but only in getting a thermometer that works.
D) In the minds of customers, Med-Ready must have successfully differentiated its thermometers from the others.
Correct Answer:
Verified
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Q56: Market power can be gained through:
A)increased product
Q57: Without product differentiation, the presence of _
Q58: Another name for product differentiation is:
A)product rivalry.
B)variation
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Q61: Ways to differentiate a product do NOT
Q62: Which of the following statements about product
Q63: The basis of product differentiation is to
Q64: One negative aspect of product differentiation is
Q65: In differentiating a product, the demand-side consideration
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