This payoff matrix gives values for strategies S1, S2, and S3 for the Bigg Company and competitive strategies CA1, CA2, and CA3 for the Large Company. From Bigg's point of view, the S2 maximum regret is 9.
Definitions:
Monopoly
A market structure characterized by a single seller or company dominating the entire market, leading to limited competition.
Monopolistically Competitive
A market structure where many firms sell products that are similar but not identical, allowing for some degree of market power.
Product Differentiation
A strategy businesses use to distinguish their products from those of competitors, aiming to increase market share and customer loyalty.
Price Discrimination
A pricing strategy where a seller charges different prices for the same product or service to different customers, based on factors such as willingness to pay, location, or purchase volume.
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