Author Question: Walmart became the world's largest retailer by focusing on its bottom line profits. Indicate ... (Read 107 times)

hubes95 · **on:** Jun 29, 2018

Walmart became the world's largest retailer by focusing on its bottom line profits.

Indicate whether the statement is true or false

Question 2

Explain the difference between monopolistic and oligopolistic competition.

aprice35067 · **Reply #1 on:** Jun 29, 2018

Answer to Question 1

F

Answer to Question 2

Monopolistic competition occurs when the products offered are different, yet viewed as substitutable for each other and the sellers recognize that they compete with sellers of these different products. Sellers may be the only ones selling a particular brand but face competition from other retailers selling similar goods and services.

Oligopolistic competition occurs when relatively few sellers, or many small firms who follow the lead of a few larger firms, offer essentially homogeneous products and any action by one seller is expected to be noticed and reacted to by the other sellers. Nonprice competition is extremely difficult since consumers view the products and services as essentially the same.