Quizzes & Activities
Monopolistic Competition (Revision Quizlet Activity)
- Level:
- A-Level, IB
- Board:
- AQA, Edexcel, OCR, IB, Eduqas, WJEC
Last updated 2 Jan 2022
Here is a revision quizlet activity concerning key terms when studying the market structure of monopolistic competition
Key terms to revise
Brand loyalty: Extent to which consumers favour one product over another
Cross price elasticity of demand: Responsiveness of demand for one good to changes in the price of another good or service
Free entry and exit: When new producers can easily enter into an industry and existing producers can easily leave that industry
Innovation: Commercial development of exploiting new or improved goods and services
Marketing: Process of building strong customer relationships in order to capture value from customers in return
Monopolistic competition: Market structure with many companies selling differentiated products
Non-price competition: Competition based on factors other than price such as design and functionality
Product differentiation: When a business seeks to distinguish products from one another by real or illusory means
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