Fall 2024 - 4.3 Flashcard - Per 1 (Honors)

Front

Market structure with many companies selling similar but not identical products like jeans and hamburgers.

Back

Monopolistic Competition

Front

Market structure controlled by a 3 or 4 large firms like the US Domestic Airline Industry

Back

Oligopoly

Front

How do companies attract customers without lowering prices by using things such as location or service?

Back

Differentiation of their products

Front

Putting a Sunglass Hut kiosk in the main aisle of a mall is an example of which type of differentiation (non-price competition)?

Back

Location

Front

Which is true of prices in monopolistic competition?

Back

May be able to charge more because of differentiation of service, location, status or physical characteristics.

Front

Price fixing is when

Back

Owners of different businesses get together behind the scenes to set prices at a certain level

Front

The jeans industry would fall into what type of market structure? ( jeans are similar but there are some differences in the product)

Back

monopolistic competition

Front

How can products be differentiated? Options: Brand name, Colour, Appearance, Packaging design, All of the above

Back

All of the above