Section 3 Flashcards
(7 cards)
0
Q
Product differentiation
A
Is the effort to distinguish a product from similar products.
1
Q
Monopolistic competition
A
Occurs when many sellers offer similar, but not standardized, products.
2
Q
Non price competition
A
Occurs when producers use factors other than low price to try to convince customers to buy their products.
3
Q
Focus group
A
Is a moderated discussion with small groups of consumers.
4
Q
Oligopoly
A
Is a market structure in which only a few sellers offer a similar product.
5
Q
Market share
A
Is a company’s percent of total sales in a market.
6
Q
Start up costs
A
Are the expenses that a new business faces when it enters a market.
