ECON 2b - Mark Struc Word Scramble
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| Term | Definition |
| Conglomerate | Firm that has at least 4 businesses, making unrelated products with lots of diversification |
| Pure Competition | Market where many buyers and sellers are competing over identical products |
| Monopolistic Competition | Market where many buyers and sellers are competing over products that are slightly different |
| Oligopoly | Market where a few large sellers dominate the industry with some differentiation among their products |
| Monopoly | Market where one firm controls an entire industry |
| Product Differentiation | Process used by businesses to distinguish a product or service from other similar ones available in the market |
| Multinational | Company that has business operations in at least one country other than its home country |
| Non-price Competition | Producers sell goods or services at the same price but compete in other measures like advertising, sales promotion campaign, or improving the quality |
| Brand Loyalty | Repeat purchases of a company based on the perception of higher quality and better service than any competitor |
Created by:
ddenson80
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