hw quiz 1/30 Flashcards
1
Q
monopolistic competition
A
many companies competing in open market to sell products that are similar but not identical
2
Q
oligopoly
A
a market dominated by few large, profitable firms
3
Q
differentiation
A
firms make special products because certain consumers want different things
4
Q
non-price competition
A
factors that distinguish a company’s service that are not based on price
5
Q
price war
A
when different competitors cut their prices to try and sell more units
6
Q
collusion
A
an agreement among members of an oligopoly to illegally set prices and production levels
7
Q
price fixing
A
an agreement among firms to sell at the same or similar prices
8
Q
cartel
A
an agreement by a formal organization of producers to coordinate prices and production
