BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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industry
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group of companies
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business nature
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monopoly
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Detailed explanation-1: -Monopolistic competition occurs when many companies offer products that are similar but not identical. Firms in monopolistic competition differentiate their products through pricing and marketing strategies.
Detailed explanation-2: -Any group of firms producing similar or related goods make up an industry.
Detailed explanation-3: -An industry is a group of firms producing products that are close substitutes. In the course of competition, these firms influence one another. Typically, industries include a rich mix of competitive strategies that companies use in pursuing strategic competitiveness and above-average returns.
Detailed explanation-4: -Key Takeaways In an oligopoly, a few sellers supply a sizable portion of products in the market. They exert some control over price, but because their products are similar, when one company lowers prices, the others follow.
Detailed explanation-5: -The correct answer is c. a group of firms producing products that are close substitutes to serve a particular market.