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