In the early 1990s, the Chrysler Corporation released the best-selling SUV, the Jeep Grand Cherokee. At the
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In the early 1990s, the Chrysler Corporation released the best-selling SUV, the Jeep Grand Cherokee. At the time of release, the Grand Cherokee came in three different models, each model offering unique features. Today, the Grand Cherokee is sold in ten unique models. Why do firms provide unique models and how does increasing the number of models affect producer surplus?
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Firms provide unique models for several reasons Market Segmentation Offering different models allows firms to segment the market based on customer pre...View the full answer
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