Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
2 Cards in this Set
- Front
- Back
|
MONOPOLISTIC COMPETITION
|
A market served by many firms that sell slightly different products. Characteristics: 1. All firms produce similar yet not perfectly substitutable products. 2. All firms are able to enter the industry if the profits are attractive. 3. All firms have some market power, which means none are price takers.
|
|
|
PRODUCT DIFFERENTIATION
|
A marketing process that showcases the differences between products. Product differentiation can be achieved in many ways. Ex. it may be as simple as packaging the the goods in a creative way.
|
