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Competition

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Section 1

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Monopolistic Competition

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Competition Prep

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Last updated

6 years ago

Date created

Mar 1, 2020

Cards (13)

Section 1

(13 cards)

Monopolistic Competition

Front

A lot of businesses sell similar products that have only a few differences

Back

Direct Competition

Front

Occurs between or among businesses that offer similar types of goods or services

Back

Market Structure

Front

The type of market, or environment, in which businesses operate, and it is primarily based on the number of sellers in the market

Back

Forms of Price Competition

Front

Discount coupons, special sales, price matching, and rebates

Back

competition

Front

Rivalry among two or more businesses to attract scarce customer dollars

Back

Monopoly

Front

The market is controlled by one business, and there are no substitute products readily available (No Competition)

Back

Price Competition

Front

A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.

Back

Oligopoly

Front

Only a few businesses sell all of the products

Back

Perfect Competition

Front

Many businesses must sell identical products to many buyers

Back

Non-Price Competition

Front

Occurs when businesses compete on a basis other than price to attract scarce customer dollars

Back

Examples of Non-Price Competition

Front

Exceptional quality, special features, trained personnel, outstanding customer service, convenience, modern facilities, and a wide variety of products

Back

Types of Market structures

Front

Perfect competition, monopolistic competition, oligopoly, monopoly

Back

Indirect Competition

Front

Occurs when businesses compete for scarce customer dollars that might be spent on goods or services different from their own

Back