Term
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Definition
| few firms, homogenous product, substantial barriers to entry |
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Term
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Definition
| extensive non-price competition, substantial barriers, few firms |
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Term
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Definition
| firm that accepts the market price determined by supply and demand |
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Term
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Definition
| products that are the same or similar; easily substituted |
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Term
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Definition
| One major firm (only one kind available), entry can be blocked, advertising based on firms "image" |
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Term
| Conditions/Barriers to entry |
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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
| many firms, homogenous products, very easy or free to enter |
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Term
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Definition
| specific examples given for each type of market industry |
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Term
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Definition
| many firms, differentiated product, some non-price competition |
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Term
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Definition
| one of a kind; no close substitue exists |
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