MKT 100 Lecture Notes - Product Differentiation
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Firm’s Market Position relative to its largest competitor (units) = Firm’s Units / Largest
A Monopoly is where there is a single supplier, such as an electrical utility who has
control over price, quality and supply.
An Oligopoly is a market dominated by a few suppliers such as the detergent industry or
other industries that require very large investments in equipment or technology.
Monopolistic Competition has many suppliers with a variety of product, each of which
has a small market share.
Perfect Competition is when many suppliers sell essentially the same product such as the
Thompson Seedless Grape producers.
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