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7-3 vocabulary jw

QuestionAnswer
Occurs when many sellers offer similar, but not standardized products. monopolistic competition
is the effort to distingquish a product from similar products. Product differentiation
Occurs when producers use factors other than low price to try to convince customers to buy their products. Nonprice competition
a moderated discussion with small groups of consumers. focus groups
is a market structure in which only a few sellers offer a similar product. Oligopoly
is a company's percent of total sales in a market. Market share
The expenses that a new business faces when it enters a marekt. start-up costs
What are four characteristics of monopolistic competition? Many sellers and many buyers product differentiation Limited control of price Freedom to enter or exit the market
What are four characteristics of an oligopoly? Few sellers and many buyers Standardized or differentiated products More control over prices Little freedom to enter or exit market
Created by: joannw15
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