The Service Area Profile Includes Key Competitively Relevant Economic, Demographic

question 20

True/False

The service area profile includes key competitively relevant economic, demographic, psychographic (lifestyle), and community health status indicators. Relevant economic indicators may include income distribution, major industries and employers, types of businesses and institutions, economic growth rate, seasonality of businesses, unemployment statistics,
and so on.

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Definitions:

Market Power

The ability of a firm or group of firms to influence or control the terms and conditions of the market to some degree, often through controlling supply or manipulating demand.

Monopolistic Competition

A market structure characterized by many firms selling products that are similar but not identical, allowing for some degree of market power and price setting.

Monopolistic Competition

An industry structure where several entities sell products that are similar in nature but not completely the same, thus giving them a slight edge in market power.

Differentiate

To recognize or ascertain what makes someone or something unique or distinct, especially in the context of products or services in the marketplace.