Answer:
product differentiation
Explanation:
A product differentiation strategy focuses on distinguishing your company's products or services from the competition. The company must add meaningful and valued differences that will distinguish our product or service in order for our customers to view them as different or better. The goal of a differentiation strategy is to gain a competitive advantage since customers associate differentiated products to higher quality products.
Answer:
d. Transportation cost on goods delivered to customers.
Explanation:
Product cost is defined as the cost a business bears as a result of producing a product. This includes labor, cost of supplies, factory overhead costs, and cost of transporting supplies.
The cost of transporting product to the consumer is logistics cost.
Answer: Option B
Explanation: Opportunity cost refers to the of loss of profit when an individual or firm chooses one alternative over other.
The statement in the given case, depicts the opportunity cost one has to pay of using the scarce resources that could be sued on different alternatives.
The lunch is never free depicts that one could have used it in other alternatives that may have produced some economic benefits.
Hence, the correct option is B.
Answer:
d There are gains from trade.
Explanation:
A trade can be defined as the process that typically involves the buying and selling of goods and services between a buyer (consumer) and a seller (producer).
Thus, trade creates an enabling environment that suits a specific service provider or producer of a particular product.
Basically, the interaction of individual choices underlies the fact that there are gains from trade.
This ultimately implies that, as a result of the difference between human needs and wants, there is always an opportunity for various producers to manufacture goods and services to meet the needs or requirements of these customers.
