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| products are the same or similar; easily substituted |
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| differentiated product real or perceived differences exists (color,style and quality) |
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| one of a kind; no close substitute exist |
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| factors tht inhibit the entry or exit of firms into or out of an industry: geography, high advertising costs, igh cot of capital outlay, etc. |
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Definition
| a firm that acepts the market price of capital outla, etc. |
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| action taken by a industry leader to raise the price; othe large fims follow suit |
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| a firm tht has control over the price of the product it sells; no competition |
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| firms complete on the basis of factors other than price; style, quality, special, may b the perceived differences communicated via advertising |
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Definition
| many number of firms homogeneous product very easy to entry determined by market |
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Term
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Definition
| one firm unique only one of its kind availble product can be blocked to entry |
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