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3. Which of the following will lead to more global competition? a. more standardized product specifications...

3. Which of the following will lead to more global competition?

a. more standardized product specifications

b. differentiated product specifications across countries

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Answer #1

Answer: b. differentiated product specifications across countries

Differentiated product specifications across countries will lead to more global competition because of the following reasons:

1) Differentiated product specifications offers innovative and new product with new fuctions to the customers every time.

2) It makes producers to use their resources effectively and efficiently in order to produce product at lower cost and offer it at competative lower price.

3) Consumers will have so many options in differentiated product specifications to choose, which always force producers to produce best for the consumers.

4) It will restrict the trend of charging high price for any product.

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