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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 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 location but not lower price |
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Oligopoly |
Market structure which a great large firms dominate a market |
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Price war |
Series of competitive price cuts that lowers the market price below the cost of production |
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Collusion |
An agreement among firms to divide the market set prices or limit 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 prices and production |
