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Economics glossary · Firms and competition

Quality

What quality means in economics, as one of forms of non-price competition, with an example and a question to test yourself.

Definition
Quality
Competing on quality means offering a better product or service than rivals: better features, reliability, free delivery or a guarantee.
Example

Can you think of an example of quality?

Test yourself

Can you name the four forms of non-price competition?

Learn it properly: the module

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