An essential component of competitive strategy is recognizing the role that Research and Development plays in the competitive success of a firm, and acting to…

A firm operates in complex environment, which has social, political, cultural, legal and economic facets. The decision making process of the firm is influenced by…

Market means a place where people gather to carry out transaction and exchange something for value. Market is an essential part of any economy and…

CharacteristicsA perfectly competitive market has a very large number of relatively small buyers and sellers. The product is homogeneous. There is free entry and exit…

There will be a single seller in monopoly. This is exactly opposite to perfect competition. Characteristics There is only one firm selling the product. The…

Monopolistic competition refers to a situation where the product to be sold is differentiated and there are many sellers operating to sell it. The competition…

In the short run it is assumed that entry and exit is not possible for firms. The aim of every firm is to maximize its…

If industry seems to be profitable new firms would be attracted to enter it. But in lieu of product differentiation they have to incur costs…

The duopoly market structure has the following characteristics. Characteristics The number of sellers in this market structure is only two. The decision of the sellers…

Oligopoly is a situation where a few large firms compete against one another and are interdependent with respect to decision making. Characteristics  There are small…