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Is service and quality likely to be better in an industry dominated by a monopoly or in a perfectly competitive industryWhy?
Service and quality are generally better in a perfectly competitive industry than in a monopoly. In a competitive market, many businesses offer similar products or services, so each one must focus on better quality, pricing, and customer service to attract and retain customers. Competition encourages innovation and keeps businesses responsive to consumer needs. In contrast, a monopoly faces little or no competition, which can reduce the incentive to improve service or quality since customers have limited alternatives. This is why competition laws and market regulation are important to protect consumers and promote fair business practices—areas where legal guidance from KN Law LLP is often relevant.
What is the world's most competitive industry?
IT
Four factors influence an industry's competitive rivalry and competitive dynamics?
Market commonality, resource similarities, reputation, and incentives are four factors that influence an industry's competitive rivalry and competitive dynamics. They can have a positive or negative effect.
What is the definition of competitive environment?
The competitive environment of a business is the part of a company's external environment that consists of other firms trying to win customers in the same market. It is the segment of the industry that includes all immediate rivals.
What is the Tailoring industry in the Philippines?
tailoring industry is one of the competitive enterprises in the Philippines .
The representative firm in a purely competitive industry?
will
What determines the Competitive intensity in industry?
Demand and the number of competitors in an industry influence the competitive nature of a business. Another factor to competition is profit margins.
What are the Five business-environments?
economic, competitive, technological, social, global
What are the competitive forces that affect the motorcycle industry?
Competitive forces that affect the motorcycle industry include state regulations and the car industry. Insurance company policies also affect whether someone will purchase a motorcycle.
Is provision of internet access a competitive industry?
yes
What business or industry is most likely to be found in a perfectly competitive market?
the adult film industry
Is a competitive advantage in a mature industry possible how can a firm differentiate in a mature industry?
Competitive advantage in a mature industry is definitely possible. There are many ways through which a firm can differentiate in a mature industry. Being unique and maintain quality are some of the basic aspects.
