|
|
NONPRICE COMPETITION: A method of competition undertaken by firms in the same market (typically oligopoly firms) that involves advertising, brand-name promotion, support services, illegal activities, and everything but the price. Oligopoly firms are quite prone to nonprice competition due to the interdependence, especially such as that illustrated by the kinked-demand curve. Because oligopoly firms find difficulty competing through prices, they seek out alternative methods of competition, such as advertising or sabotage.
Visit the GLOSS*arama
|
|

|
|
|
UTILITY MAXIMIZATION The process or goal of obtaining the highest level of utility from the consumption of goods or services. The goal of maximizing utility is a key assumption underlying consumer behavior studied in consumer demand theory. Consumers are assumed to make choices, especially concerning the purchase of goods, such that they obtain the highest possible level of satisfaction. Utility maximization can be achieved at the peak of the total utility curve.
Complete Entry | Visit the WEB*pedia |


|
|
|
Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
|
|
|
"The only profit center is the customer. " -- Peter Drucker, management consultant
|
|
EFT Electronic Funds Transfer
|
|
|
Tell us what you think about AmosWEB. Like what you see? Have suggestions for improvements? Let us know. Click the User Feedback link.
User Feedback
|

|