Term
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Definition
| Products are the same or similiar; easily substituted (Pure Comp. + Pure Olig.) |
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Term
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Definition
| Differentiated Product; realor perceived differences exists (Monopolistic Comp. + Diff. Olig.) |
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Term
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Definition
| One of a kind; no close substitute exists (Monopoly) |
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Term
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Definition
| Factors that inhibits 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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Term
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Definition
| A firm that accepts the market price determined by supply and demand (Price Comp.) |
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Term
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Definition
| Action taken by an industry leader to raise the price; other larger firms follow suit (Pure Olig. + Diff. Olig.) |
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Term
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Definition
| A firm that has control over the price of the product it sells; no competition (Monopoly) |
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