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  2. Monopolistic competition - Wikipedia

    en.wikipedia.org/wiki/Monopolistic_competition

    Monopolistically-competitive markets are also allocative-inefficient, as the company charges prices that exceed marginal cost. Product differentiation increases total utility by better meeting people's wants than homogenous products in a perfectly competitive market. [23] Another concern is that monopolistic competition fosters advertising ...

  3. Competition (economics) - Wikipedia

    en.wikipedia.org/wiki/Competition_(economics)

    Monopolistic competition characterizes an industry in which many firms offer products or services that are similar, but not perfect substitutes. Barriers to entry and exit in a monopolistic competitive industry are low, and the decisions of any one firm do not directly affect those of its competitors. [16]

  4. Monopoly price - Wikipedia

    en.wikipedia.org/wiki/Monopoly_price

    Unlike perfect competition where firms can freely enter and exit the market, it is not the case for monopolistic competition. For a monopoly to exist, there must be high barriers to entry for new firms. Barriers to entry must be strong enough to discourage potential competitors from entering.

  5. Market power - Wikipedia

    en.wikipedia.org/wiki/Market_power

    The main characteristics of monopolistic competition include: Differentiated products; Many sellers and buyers; Free entry and exit; Firms within this market structure are not price takers and compete based on product price, quality and through marketing efforts, setting individual prices for the unique differentiated products. [18]

  6. Non-price competition - Wikipedia

    en.wikipedia.org/wiki/Non-price_competition

    Although any company can use a non-price competition strategy, it is most common among oligopolies and monopolistic competition, because firms can be extremely competitive. Firms will engage in non-price competition, in spite of the additional costs involved, because it is usually more profitable than selling for a lower price, and avoids the ...

  7. Monopoly - Wikipedia

    en.wikipedia.org/wiki/Monopoly

    Otherwise, other firms can produce substitutes to replace the monopoly firm's products, and a monopolistic firm cannot become the only supplier in the market. So consumers have no other choice. Economic barriers : Economic barriers include economies of scale , capital requirements, cost advantages, and technological superiority.

  8. Market structure - Wikipedia

    en.wikipedia.org/wiki/Market_structure

    The correct sequence of the market structure from most to least competitive is perfect competition, imperfect competition, oligopoly, and pure monopoly. The main criteria by which one can distinguish between different market structures are: the number and size of firms and consumers in the market, the type of goods and services being traded ...

  9. Predatory pricing - Wikipedia

    en.wikipedia.org/wiki/Predatory_pricing

    Predatory pricing is a commercial pricing strategy which involves the use of large scale undercutting to eliminate competition. This is where an industry dominant firm with sizable market power will deliberately reduce the prices of a product or service to loss-making levels to attract all consumers and create a monopoly. [1]