A production-based emphasis toward a low-cost provider strategy usually requires a company to strive for Select one: a. product superiority. b. whatever differentiating features buyers are willing to pay for. c. appealing features and better quality at lower costs than rivals. d. continuous cost reductions without sacrificing acceptable quality and essential features e. small-scale production or custom-made products that match the tastes and requirements of niche members.

Many potential buyers value high-quality used cars at the full-information market price of € p1 and lemons at € p2. a limited number of potential sellers value high-quality cars at € v1 ≤ p1 and lemons at € v2 ≤ p2. everyone is risk neutral. the share of lemons among all the used cars that might be potentially sold is € θ . suppose that the buyers incur a transaction cost of $200 to purchase a car. this transaction cost is the value of their time to find a car. what is the equilibrium? is it possible that no cars are sold