Chapter 18 Flashcards
1
Q
Competition
A
Rivalry that exists between firms when trying to sell goods to the same group of customers
2
Q
Barriers to entry
A
Obstacles that might discourage a firm from entering the market
3
Q
Innovative
A
Commercial exploitation of a new invention
4
Q
Product differentiation
A
Attempt by a firm to distinguish its product from that of a rival
5
Q
A
