ECO 561 Course Great Wisdom / tutorialrank.com ECO 561 Course Great Wisdom / tutorialrank.com | Page 35

18.
In monopolistic competitoninductries, effective product
differentiation is illustrated by
19. Differrntiation strategies vary in degree of effectiveness form one
type of market structure to another. For firms other than perfect
competition
20. If a firm’s industry developed from a monopolistic competiton
into an oligopolistic structure, the firm would discover that
21. A firm can increase both profit and per-unit profit margin by
lowering production costs. To make this a long-term outcome, the
firm should
22. A firm’s cost-reduction strategies may span multiple stages, from
acquisition of production input factors to product service and
maintenance. When seeking to lower cost in the short term, firms
should
23. Firms can shift their marginal cost curves to the right, resulting in
higher outputs at the same or lower maximum-profit prices. This can
be done by
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ECO 561 Week 3 Learning Team Reflection
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ECO 561 Week 3 Learning Team Reflection/Deliverable