Product differentiation refers to

Question

BlackTom AI · Accepted Answer

Question restatement: The prompt asks for the concept of product differentiation.
Option A: 'A. differences among goods in a market that make them close, but not perfect substitutes for each other' This aligns with the standard definition of product differentiation: firms create products that are similar enough to be substitutes, yet distinct enough to be non-identical, offering unique features, branding, or quality that reduce perfect substitutability.
Option B: 'B. different prices for the same good' This describes price discrimination or price differences across buyers or markets, not product differentiation itself. It focuses on price, not the product’s attributes or features.
Option C: 'C. different goods for the same price' This could imply variety at a single price point but does not capture the core idea that similar goods differ in attributes or perceptions; it’s more about pricing strategy than differentiation by product characteristics.
Option D: 'D. the firm's ability to create different goods while using the same technology and resources' This statement touches on product diversification or design capacity, but it does not specify how differentiation arises among existing market offerings or how products become close substitutes with distinct attributes. It also implies creation of different goods rather than distinguishing them in the market.
In sum, option A correctly captures product differentiation as the set of differences among similar goods that keep them from being perfect substitutes, while the other options describe pricing, broad product strategy, or capabilities rather than the market-based distinctions that differentiate products in consumer perception and choice.

Product differentiation refers to

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