Examlex
Hyundai achieved the status of being the 6th largest automobile producer in the world by 2005 and a major competitor to GM, Ford, and Toyota. HMC's success has been attributed to their:
Imperfectly Competitive
Describes markets where individual sellers have some control over the price of their products, unlike in perfect competition.
Price Takers
Firms or individuals who accept the market price as given and have no influence over it due to the competitive nature of the market.
Close Substitutes
Products or services that can be used in place of each other, with minimal differences perceived by the consumer.
Substitutes
Products or services that can be used in place of each other, satisfying similar consumer needs or desires.
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