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11 Eco Price and Non Price Competition Flashcards | StudBud
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11 Eco Price and Non Price Competition
11 Eco Price and Non Price Competition
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Basics of price and non price competition A.S 1.2 Economics #economics #price competition
Flashcards
15 cards
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Practice quiz
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Questions
15
Answers
1
What is a disadvantage to producer of price competition
Can lead to a price war
Increase market share
Helps clear shelf space
Receive a higher price
2
What is a price war?
When two or more firms continually lower prices
When firms raise prices against one another
When two or more firms use competitions to get customers
When firms advertise against one another
3
What is price competition
When firms try to increase sales by changing the product
When firms try to increase sales by putting up the price
When firms try to increase sales by cutting price
When firms try to increase sales by advertising
4
What is a disadvantage of price competition to a consumer?
Better range of goods available
Quality might not be as good
Better service
Pay a lower price
5
What is an advantage to producers from non price competition?
Receive a lower price
Avoids price wars
lower market share
Costs may increase
6
What is non- price competition?
Trying to increase sales through rising prices
When firms try to increase sales by lowering the price
Trying to increase sales through lowering prices
Trying to rise sales by methods other than lowering prices
7
What type of competition is this?
Non-price comp - product differentiation
Non-price comp - product variation
Price competition
8
What is an advantage to consumers of non price competition
Pay a lower price
Lack in service
Wider range of products
Pay a higher price
9
What is Market share?
Share of prices
How many markets a producer gets
The proportion of sales of the good or service that is made
The amount of profit a producer gets
10
What type of competition is this?
Non-price comp - product variation
Price competition
Non-price comp - product differentiation
11
What type of competition is this?
Non-price comp - product variation
Price competition
Non-price comp - product differentiation
12
What type of competition is this?
Price competition
Non-price comp - product differentiation
Non-price comp - product variation
13
What type of competition is this?
Non-price comp - product variation
Price competition
Non-price comp - product differentiation
14
What type of competition is this?
Non-price comp - product variation
Price competition
Non-price comp - product differentiation
15
What type of competition is this?
Price competition
Non price comp - Product Differentiation
Non price comp - Product Variation
