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Question
Give economic term:
The number of firms producing identical products.
One Word/Term Answer
Solution
Industry
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RELATED QUESTIONS
What is Monopolistic Competition? Explain in detail the features of Monopolistic Competition.
Find the odd word out:
Selling cost:
Explain the meaning of monopolistic competition with its features.
Give economic term:
Very realistic competition in nature.
Study the following passage and answer the questions:
| Selling cost is categorized as expenses associated with marketing a company's brand, product, or service via media outlets. Selling cost is a cost paid by the company for print advertisements, radio or TV broadcasts, online, or via direct mail promotion. Selling cost is sometimes recorded as a prepaid expense on the balance sheet and then moved to the income statement when sales related to those costs come in. Selling cost is a way to increase a company's sales through brand or product awareness and to inform about new products or features. Several studies show that selling cost does, generally speaking, work to boost revenues. |
Questions:
- Define selling cost in your own words.
- Why do companies incur selling costs?
State with reasons whether you agree or disagree with the following statement:
Product differentiation is one of the important features of monopolistic competition.
