Question

Rareness of a differentiated product means it:

a) Is commonly available in the market
b) Possesses unique features or characteristics
c) Is easily imitated by competitors
d) Has low demand from consumers

Answer 1

Rareness of a differentiated product refers to products that possess unique features or characteristics and are not commonly available in the market. They cannot be easily imitated by competitors.

Step-by-step explanation:

When we talk about the rareness of a differentiated product, we are referring to products that possess unique features or characteristics. These products stand out from the competition by offering something distinct or innovative. They are not commonly available in the market and cannot be easily imitated by competitors. However, their demand from consumers may vary depending on factors such as price, consumer preferences, and marketing strategies.