Asked by Rebecca Lovato on Jun 13, 2024
Verified
Interindustry competition means that
A) in oligopolistic industries, a few large firms compete with one another in bidding down product price.
B) in some markets, the producers of a particular product might face competition from products produced by other industries.
C) firms that sell a product at one stage of production are faced with firms that buy the product at the next stage of production.
D) in most industries, there are usually a number of firms producing identical products.
Interindustry Competition
The competition for sales between the products of one industry and the products of another industry.
Oligopolistic Industries
Markets dominated by a small number of large firms, leading to a high level of market concentration.
Bidding Down
The process where the price of an item, service, or contract decreases due to competitive bidding, for example, in auctions or procurement processes.
- Distinguish between interindustry competition and intra-industry competition.
Verified Answer
Learning Objectives
- Distinguish between interindustry competition and intra-industry competition.
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