competitive market Flashcards

1
Q

What is a competitive market?

A

A competitive market is when businesses sell very similar products and services that are difficult to differentiate

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

What are some of the decisions that a business may make in a highly competitive market?

A

improving efficiency
cutting costs
lowering its prices

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

What are some things that a business may have to do when operating in a highly competitive market?

A

lower prices
accept lower profit margins
cut back on expenditure
monitor its competitors closely

How well did you know this?
1
Not at all
2
3
4
5
Perfectly