tutor2u | Monopolistic Competition (Revision Quizlet Activity)

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

Monopolistic Competition I A-Level & IB Economics

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