In economics, “competition” means the rivalry among sellers in the market who are trying to increase their profits, market share, and sales volume by offering the right marketing mix: price, product, promotion and place.
The four types of competition in a free market system: perfect competition, monopolistic competition, oligopoly, and monopoly.
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Management (MBA) case study / assignment question on this topic:
Q) Which market is characterized by the “competition among few”? how is this market different from the “competition among many”? Explain how the producers in this kind of market promote their own interests by giving real world examples like OPEC, Cement Cartels, etc.
Q) “In the monopolistic competition, a few firms sell differentiated products” Explain
this statement by highlighting important features of this kind of a market.
Substantiate your answer by a live example. Also explain how the equilibrium in
this kind of a market is different from a long run equilibrium under perfect
competition.
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