Examlex
Suppose there is an excess supply of chemical engineers in India.Over time,the salaries for chemical engineers will fall in India.
Industry Tightening
A period where industry competition becomes more intense, often leading to consolidation, increased regulation, or higher barriers to entry.
Monopolistic Competition
A market structure characterized by many competitors selling products that are similar but not identical.
Pure Competition
A market structure characterized by a large number of sellers offering identical products, where no single seller can influence market prices.
Substitutes
Products or services that can serve as replacements for each other, fulfilling the same need or desire.
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