Unit 4 Test Remediation

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Products are all the same.

Price taker.

Products are differentiated.

Unlike Cotton, Corn, or potatoes, products have a "twist" that make you want to buy them, although you could easily buy another brand or variety.
Examples: Shampoo, Restaurants, Candy Bars

A few competitors dominate the market.

LIke Monopolistic, these products often have a "twist" but unlike monopolistic, only a few companies have control of the market, so they can control pricing a little. They may try to drive each other out of business (price wars) or try to raise prices by working together (collusion).