The Competitive Environment Flashcards

1
Q

What is a monopoly?

A

A market which is dominated by one seller or producer. A monopoly occurs if a firm has a market share of 25%

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2
Q

What is a competitive environment?

A

A situation where multiple business compete for the same customers

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3
Q

What do businesses compete over?

A

Price, Quality, After sales services, Location, USP, Delivery, Branding

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