…...................... arises when more than one producer is trying to sell the same or similar products to the same buyersa.Compromiseb.Comparisonc.Competitiond.Commonality

The rivalry among competing sellers in an industry intensifiesMultiple Choicewhen buyer demand for the product is growing rapidly.when customers are brand loyal and their costs to switch to competing brands or substitute products are relatively high.when buyer demand is strong and sellers have little or no excess capacity and only minimal inventories.as the number of rivals increases and as they become more equal in size and competitive capability.when the products of rival sellers are highly differentiated products and the industry consists of so many rivals that any one company’s actions have little direct impact on rivals’ business.

​Perfect competition is characterized by a large number of buyers and sellers with identical products and no significant barriers to entry.Group of answer choicesTrueFalse

The situation where a market has only a small number of sellers producing similar products is known as an . (Insert a single word.)

The rivalry among competing sellers tends to be less intense when Question 10AnswerA.industry conditions tempt competitors to use price cuts or other competitive weapons to boost unit sales.B.buyer demand is weak and many sellers have excess capacity and/or inventory.C.industry rivals are not particularly aggressive or active in making fresh moves to improve their market standing and business performance.D.rivals have diverse strategies and objectives and are located in different countries.E.rival sellers have weakly differentiated products.

Rivalry among competing sellers decreases Question 9AnswerA.when buyer demand is growing rapidly.B.as it becomes less costly for buyers to switch brands.C.as the products of rival sellers become commoditized.D.when there is excess production relative to demand.E.as the number of competitors increases.