COMPETITION - LEARNTOREACH
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Competition : when two or more people or teams try to do better than the others at something this is called Competition. Levels of Competition: Perfect competition: Many firms offer identical products, and no single firm can influence the market price. Barriers to entry are low, and information is readily available. This is a theoretical ideal, rarely seen in reality. monopolistic competition: Many firms offer similar, but not identical, products. Differentiation through branding, marketing, and other strategies is key. Barriers to entry are low, and firms have some price-setting power. oligopoly competition: A few large firms dominate the market. High barriers to entry exist, and firms are interdependent, meaning the actions of one firm can significantly impact the others. They may compete on price, but also on factors like product features and marketing. monopoly competition: A single firm controls the entire market. ...