A2 - Business - The relationship between business and the competitive environment

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  • Created by: jkav
  • Created on: 18-06-16 13:44
Competitive structure
The number and strength of competing firms in an industry and the ease of entry for new competitors
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Monopolistic competition
A competitive industry with many firms, easy to enter and good knowledge amongst consumers about prices and product but with each firm producing differentiated products.
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Oligopoly
Industry with competition amongst a relatively few businesses.
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Monopoly
In theory, an industry with just one supplier but the UK and EU definition is of a firm with at least 25% market share or a legal monopoly
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Collusion
Firms working together - called a cartel - a fix prices or agree on output levels to reduce competition.
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Competition policy
Aims to prevent the abuse of monopoly power so that competition in markets is not restricted.
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Other cards in this set

Card 2

Front

A competitive industry with many firms, easy to enter and good knowledge amongst consumers about prices and product but with each firm producing differentiated products.

Back

Monopolistic competition

Card 3

Front

Industry with competition amongst a relatively few businesses.

Back

Preview of the back of card 3

Card 4

Front

In theory, an industry with just one supplier but the UK and EU definition is of a firm with at least 25% market share or a legal monopoly

Back

Preview of the back of card 4

Card 5

Front

Firms working together - called a cartel - a fix prices or agree on output levels to reduce competition.

Back

Preview of the back of card 5
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