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Definition
| products are the same or similar; easy substituted ( pure competition & pure Oligopoly) |
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| differentiated product; real or preceived differences exists- color, style,quality ( monopolistic competition and (differentiated oligopoly) |
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Definition
| one of a kind; no close substitute exists ( monopoly) |
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Definition
| factors that inhibit the entry or exit of firms into or out of an industry; geography, high advertising costs, high cost of capital outlay, etc. |
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Definition
| a firm that accepts the market [rice determined by supply and demand ( pure competition and differentiated competition) |
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Definition
| action taken by an industry leader to raise the price; other large firms follow suit (pure Oligopoly and differentiated oligopoly) |
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Definition
| a firm thats has control over he price of the product it sells; no competition ( monopoly) |
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Term
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Definition
| firms compete on the basis of factors other than price; style, quality, special, May be the perceived differences communicated cia advertising |
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Term
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Definition
| Bills and acts designed to monitor and regulate big business; prevents monopolies |
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Term
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Definition
| Pure competition, Monopolistic Competition, Differentiated Oligopoly, Pure Oligopoly and Monopoly |
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