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8 Cards in this Set
- Front
- Back
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Monopolistic Competition |
Type of competition such that many producers sell products that are differentiated from one another. |
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Differentiation |
Process of distinguishing a product or service from others.
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Nonprice Competition |
Marketing strategy in which one firm tries to distinguish its product or service from competing products on the basic of attributes like design and workmanship.
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Oligopoly |
Market structure in which a small number of firms has the large majority of market share.
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Price War |
When companies continuously lower prices to undercut the competition.
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Collusion |
When an industry's rival companies cooperate for their mutual benefit.
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Price fixing |
Agreement between participants on the same side in a market to buy or sell a product.
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Cartel |
Agreement between two markets to drive up the price on a product. |
