Question
1.Tourism product differentiation recognizes that customers have heterogeneous preferences with varying willingness to pay (WTP). a.How are monopolistic firms able to differentiate their products? b.Give
1.Tourism product differentiation recognizes that customers have heterogeneous preferences with varying willingness to pay (WTP).
a.How are monopolistic firms able to differentiate their products?
b.Give some examples of product differentiation from tourism supply side?
c.What is the link between product differentiation and price charged by firms?
2.Why is 'transaction cost' theory important to understand exchange and markets in tourism industry?
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Economics Principles and Policy
Authors: William Baumol, Alan Blinder
13th edition
1305280595, 1305280598, 9781305465626 , 978-1305280595
