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| products are the same or similiar |
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| differentiated product;real or perceived differences exists |
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| one of a kind; no close substitute exist |
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| factors that inhibit the entry or exit of firms into or out of an industry; geography,high advertising costs, high costs of capital outlay |
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| a firm that acepts the market price determined by supply and demand |
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| action take by an industry leader to raise the price; other large firms follow suit |
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| a firm that has contor over the price of the prduct it sells;no competition |
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| firms complete on the basis of factors other that price, style, quality, special. may be the percieved differences communicated via advertising |
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