Examlex
Please define the following key terms.
-Hellespont
Monopolistic Competition
A market structure in which many firms sell a differentiated product, entry is relatively easy, each firm has some control over its product price, and there is considerable nonprice competition.
Product Differentiation
A marketing strategy that involves distinguishing a product or service from others in the market to make it more attractive to a particular target market.
Collusion
A situation in which firms act together and in agreement (collude) to fix prices, divide a market, or otherwise restrict competition.
Entry Barriers
Obstacles that make it difficult for new competitors to enter an industry, including high initial investment, stringent regulations, and strong brand loyalty.