Strategic Group Mapping Is a Visual Technique for Displaying

question 76

Multiple Choice

Strategic group mapping is a visual technique for displaying

• A)how many rivals are pursuing each type of strategy.
• B)which companies have the biggest market share and who the industry leader really is.
• C)the different market or competitive positions that rival firms occupy in an industry and for identifying each rival's closest competitors.
• D)which companies have the highest degrees of brand loyalty.
• E)which companies have failing business models.

Understand the conditions for long-run equilibrium in purely competitive markets and the achievement of normal economic profits.

Recognize the allocation efficiency in pure competition where production occurs at the output level where P = MC.

Comprehend the differences between short-run and long-run supply curves in purely competitive industries.

Describe the effect of new firms entering or existing firms leaving a purely competitive market on market supply and equilibrium.