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7 Cards in this Set
- Front
- Back
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Monopolistic Competition |
A market structure in which many countries sell products that are similar but 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 customers through style, location, or service, but not a lower price. |
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Price Wars |
Series of competitive price cuts that lowers the market price below the cost of production. |
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Collusion |
An agreement amount firms to divide the market, prices, or limit production. |
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Price Fixing |
An agreement firms to charge one price for the same good. |
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Cartel |
A formal organization of producers that agree to coordinate prices and production. |
