Examlex
In a dog kennel, if one dog starts barking, there is a tendency for the rest of the dogs to also start barking. This is an example of:
Monopolistic Competition
A market structure characterized by many firms selling products that are substitutes but differentiated from each other, leading to some degree of market power.
Easy Entry And Exit
A characteristic of competitive markets where firms can freely enter or leave the market with minimal barriers, ensuring competitive prices and efficiency.
Relatively Easy Entry
Characterizes markets where new competitors can join with minimal barriers, such as low startup costs or regulatory hurdles.
Similar Products
Products that serve the same or similar purposes and can be used interchangeably by consumers.
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