7-3 vocabulary jw
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| Occurs when many sellers offer similar, but not standardized products. | monopolistic competition
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| is the effort to distingquish a product from similar products. | Product differentiation
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| Occurs when producers use factors other than low price to try to convince customers to buy their products. | Nonprice competition
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| a moderated discussion with small groups of consumers. | focus groups
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| is a market structure in which only a few sellers offer a similar product. | Oligopoly
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| is a company's percent of total sales in a market. | Market share
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| The expenses that a new business faces when it enters a marekt. | start-up costs
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| 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
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| 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
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