Which of the following is not an example of product differentiation?

Question 5 options:

Engaging in product development or improvement

Charging a price higher than the competitor

Developing a recognized brand name or logo

Developing an effective marketing strategy

What is a natural monopoly?

Question 6 options:

A market where the demand is very high in relation to the costs of production

A market where a single producer is able to produce at a lower cost than competing firms could

A monopoly created as a result of mergers and takeovers

A monopoly created by government decree

What is a concentration ratio?

Question 7 options:

A ratio that measures the percentage of the economy's total output that a particular industry produces

A ratio that measures the percentage of a firm's total output compared to its nearest rival

A ratio that measures the percentage of an industry's total output that is produced by the largest few firms

A ratio that measures the size of each industry

Which of the following characteristics most distinguishes an oligopoly industry from the other three types of market structures?

Question 8 options:

The possibility of differentiated products

Mutual interdependence

Control of price by individual firms

Difficult entry