Term
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Definition
| same or similiar products |
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Term
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Definition
| Different type products; a car and a refrigerator. |
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Term
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Definition
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Term
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Definition
| factors that inhibit the entry or exit of firms into or out of an industry |
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Term
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Definition
| a firm that accepts the market price determined by supply and demand |
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Term
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Definition
| action taken by an industry leader to raise the price; other large firms follow suit |
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Term
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Definition
| a firm that has control over the price of the product it sells |
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Term
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Definition
| firms complete on the basis of factors other than price. |
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