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Definition
| Firms compete on the basis of factors other than price; such as style and quality. Can be the perceived difference communicated via advertising. |
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| A firm that has control over the price of the product it sells; There is no competition. |
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| Action taken by an industry leader to raise the price; other large firms follow suit. |
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Definition
| A firm that accepts the market determined by supply and demand. |
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Definition
| Factors that inhibit the entry or exit of firms into or out of an industry. Such as geography, high advertising cost, high cost of capital outlay. |
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Definition
| ONe of a kind, no close substitute exist. |
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Definition
| Differentiated product, real or percieved differences exist. |
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Definition
| Products that are the same or similar, easily substituted. |
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Definition
| one firm, no competition, unique product |
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Definition
| Many firms, homogeneous product, no control over price. |
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