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8 Cards in this Set
- Front
- Back
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Monopolistic competition |
A market structure in which many companies sell products that are similar if not identical |
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Differentiation |
Making a product different from other similar products |
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Nonprice competition |
A way to attract new customers through style service or location but lowered prices |
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Oligopoly |
A market structure in which large few firms dominate a market |
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Price war |
A series of Competitive price cuts that's lower the market price below the cost of production |
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Collusion |
Large companies working together |
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Price fixing |
An agreement among firms to charge one price for the same good |
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Cartel |
Formal organizations working together |
