Chapter 25: The relationship between business and the competitive environment

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  • Created by: lfcvish
  • Created on: 15-04-12 10:14

Competitive Structures:

Monopolistic competition: A competitive industry with many firms, easy to enter and good knowledge amongst consumers about prices and products. An example of monopolistic competition is hairdressers. 

Oligopoly: Industry with competition amongst relatively few businesses, an example is petrol retailing.

Monopoly: An industry with only 1 supplier, but the UK and EU description is a firm with…


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