An industry's sales have leveled off and profits are declining in oligopolistic competition. Consumers see competing products as "homogeneous." Several firms have dropped out of the industry, but a new one entered recently. Firms in the industry are trying to avoid price-cutting by spending on persuasive advertising. These firms are competing in which stage of the product life cycle?
A. Market growth
B. Market maturity
C. Market development
D. Market introduction
E. Sales decline
Answer: B. Market maturity
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Marketing
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