by 21st Century Competition | May 8, 2014
Measure of the extent to which products may be seen as inter- changeable from the viewpoint of producers or consumers. A firm’s pricing policy for a specific the possibility to buy another product, which they judge as being equivalent by its nature, use and/or...
by 21st Century Competition | May 8, 2014
Sunk costs are fixed costs that have already been incurred and cannot be recovered. They arise because some activities require specialised assets that cannot readily be diverted to other uses. Second-hand markets for such assets are therefore limited. Examples of sunk...
