Researchers Have Identified Three Major Changes That Give Rise to Sources

question 42

Essay

Researchers have identified three major changes that give rise to sources of opportunity for entrepreneurs. List,describe,and give an example of each of the three major changes.

---

Definitions:

Monopolistic Competition

A market structure where many firms offer products or services that are similar but not perfect substitutes, leading to competition based on factors other than price.

Excess Capacity

A situation where a business has more production facilities, resources, or capability than currently needed to meet demand.

Nonprice Competition

Competitive strategies used by companies to attract customers through methods other than lowering prices, such as product quality, service, and marketing.

Variety

Refers to the range of different products, services, or choices available in a particular area or sector.