KT24: 2.5.3 the competitive environment

Question 1

Collusion

Answer 1

when managers from different firms get together to discuss ways to work together to restrict supple and/or raise prices

Question 2

Non-price competition

Answer 2

all competitive strategies other than price, such as branding, product design and technical innovation

Question 3

Oligopolies

Answer 3

markets dominated by a few large companies

Question 4

Predatory pricing

Answer 4

pricing low with the deliberate intention of driving a competitor out of business