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Definition
| Products are the same or similar; easily subsituted. |
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Definition
| Differentiated product; real or perceived differences exists (Color, style, quality) |
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Definition
| One of a kind; No close subsitute exists. |
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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 price determined by supply and demand. |
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Definition
| Action taken by an industry leader to rise the price; other large firms follow suit. |
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Definition
| A firm that has control over of the price of a product it sells; no competition. |
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Definition
| Firms compete on the basis of factors other than price; style, quality, special. May be percieved differences communicated via advertising. |
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Term
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Definition
| Has many firms, creates homogeneous product. Like Agriculture-based firms. |
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Term
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Definition
| Has only one firm; unique products; Very hard to set-up. Public Utilty type. |
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