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14. Products differ in functional features, materials and design -less consumer welfare -real differences -entry blocked -high degree of accuracy -imaginary differences

14. Products differ in functional features, materials and design -less consumer welfare -real differences -entry blocked -high degree of accuracy -imaginary differences

ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN:9780190931919
Author:NEWNAN
Publisher:NEWNAN
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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14. Products differ in functional features, materials and design -less consumer welfare -real differences -entry blocked -high degree of accuracy -imaginary differences 15. Producers maximize the use of advertising and packaging -product differentiation -imaginary differences -less consumer welfare -entry blocked -real differences 16. May use its influence to secure enactment of legislation -product differentiation -real differences -trade association -high degree of accuracy -imaginary differences 17. Consumers will receive less welfare -confusing to the customers -product differentiation -legislative activity -high degree of accuracy -prices are relatively high 18. Broad range of product types and styles -entry of new firm -trade association -confusing to the consumers -real differences -imaginary differences
Transcribed Image Text:14. Products differ in functional features, materials and design -less consumer welfare -real differences -entry blocked -high degree of accuracy -imaginary differences 15. Producers maximize the use of advertising and packaging -product differentiation -imaginary differences -less consumer welfare -entry blocked -real differences 16. May use its influence to secure enactment of legislation -product differentiation -real differences -trade association -high degree of accuracy -imaginary differences 17. Consumers will receive less welfare -confusing to the customers -product differentiation -legislative activity -high degree of accuracy -prices are relatively high 18. Broad range of product types and styles -entry of new firm -trade association -confusing to the consumers -real differences -imaginary differences
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