Market competition
What Market competition means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Market competition
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Reference: Pearson Edexcel
The amount of competition, which dictates whether a firm is a price maker or taker and can force firms in highly competitive markets to use competitive pricing.
Intensified by increased price transparency online, which often drives prices down.
Topics that use Market competition
- Competing on price (Pearson Edexcel A-Level)
- How the digital economy affects markets and firms (Pearson Edexcel A-Level)
Related terms
- Cost structures
- Cost-plus pricing
- Creative destruction
- Digital skills
- Micromarketing
- Price elasticity of demand
- Pricing strategies
- Product life cycle
Using Market competition in the exam
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