Asked by
Gabriella Johnson
on Oct 27, 2024
Verified
An attempt by a firm to convince buyers that its product is different from the products of other firms in the industry is tacit collusion.
Tacit Collusion
A form of collusion among competitors in which they cooperate to achieve higher prices or market share without explicit communication.
Product Differentiation
the process of distinguishing a product or service from others in the market to make it more attractive to a particular target audience.
- Scrutinize the effects that distinguishing characteristics of products have on market rivalry and the decision-making of customers.
Verified Answer
JV
Learning Objectives
- Scrutinize the effects that distinguishing characteristics of products have on market rivalry and the decision-making of customers.
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