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Elmer's Glue has captured the market for school glue.It is preferred by both students and parents alike.It takes very little capitalization to enter the market,but nobody succeeds in doing so.The glue clearly needs no patents or secret formulas.This type of market is called a(n)
Competitive
Being Competitive means being able to offer products or services that are more attractive to consumers than those of competitors, either through lower prices, higher quality, or unique features.
Economic Profit
The difference between the total revenue earned by a business and the total opportunity costs of all resources used in production.
Competitive
Relating to or characterized by rivalry among sellers in a market, aiming to increase sales, market share, and customer loyalty by offering better terms.
Maximum
The highest or greatest possible amount or degree of something.
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