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8 Cards in this Set
- Front
- Back
monopolistic competition |
a market structure in which many companies 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, service or location |
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oligopoly |
a market structure in which a few large firms dominate a market |
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price war |
a series of competitive price cuts that lower the market price below production costs |
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collusion |
an agreement among firms to divide the market , set price or limitt production |
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price fixing |
an agreement among firms to charge one price for the same good |
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cartel |
formal organization of producers that agree to coordinate price and production |