Degrees of Competition
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1.What are the four degrees of competition?
2. What are some of the ways that business use the internet to their benefit.
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This solution outlines the four degrees competition and provides three ways that businesses use the internet.
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What are the four degrees of competition? Explain each one, and provide examples
In today's economy, there are four main degrees of competition that are recognized. Each one of them retains different characteristics and features, impacting the way companies conduct businesses within each degree. The four degrees with examples are:
1. Perfect competition: This primarily means that there are a large number of sellers in the market competing for customers. They are relatively the same size with the same resources. An example of perfect competition are car dealerships. They are all targeting the same market, and there is a sense of equality in their abilities.
2. Monopolistic competition: In this type of competition, there are many sellers, all producing similar products, but customers see their products as different. In other terms, these companies compete through branding. Some good examples of monopolistic ...
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