If firms in the travel industry compete through nonprice competition, which of the following statements is NOT true?

A. They will not use advertising to proclaim the inferiority of their rivals' products.
B. They are likely to have differentiated products.
C. They are likely to spend significant sums of money on advertising.
D. They are not likely to engage in price wars.

Question

16-07-2024
Business

Answered

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If firms in the travel industry compete through nonprice competition, which of the following statements is NOT true?

A. They will not use advertising to proclaim the inferiority of their rivals' products.
B. They are likely to have differentiated products.
C. They are likely to spend significant sums of money on advertising.
D. They are not likely to engage in price wars.

Sagot :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-16T13:19:09-04:00

Final answer:

Monopolistically competitive firms in the travel industry compete through nonprice competition by differentiating products and investing in advertising, but they may engage in comparative advertising to highlight strengths over rivals.

Explanation:

Monopolistically competitive firms in the travel industry tend to compete through nonprice competition by differentiating products, investing in advertising to attract customers, and avoiding price wars. However, they may still engage in comparative advertising to highlight the strengths of their products over rivals, contradicting the statement that they will not use advertising to proclaim the inferiority of their rivals' products.

Learn more about Nonprice competition in the travel industry here:

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Learn more about Nonprice competition in the travel industry here:

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