Market structures
This market structure is characterized by a large number of firms, each producing a nearly identical product, with no control over price.
What is perfect competition?
This pricing strategy involves setting a high price initially and then gradually lowering it over time to attract different customer segments.
What is price skimming?
This category of the STEEPLE framework focuses on factors like cultural trends, demographics, and societal attitudes.
What is Social?
The process of turning sunlight into food by plants is called this.
What is photosynthesis?
This market structure has a few firms that control most of the market, and products may be either differentiated or very similar.
What is an Oligopoly
This pricing strategy involves setting a low price to attract customers and gain market share, often used in oligopolies.
What is penetration pricing?
This category of the STEEPLE framework addresses laws and regulations that impact businesses, such as labor laws, intellectual property, and consumer protection.
What is Legal?
This river is the longest in the world,
What is the Nile River?
In this market structure, firms compete with differentiated products, and there are many firms, but not as many as in perfect competition.
What is monopolistic competition
This part of the STEEPLE framework examines how government policies, regulations, and political stability influence business decisions.
What is Political?
What has a face but can't smile?
What is a clock?
This term describes a market in which new firms are unable to enter easily due to high initial costs, like in industries such as utilities.
What is a high barrier to entry?
This part of the STEEPLE framework examines how government policies, regulations, and political stability influence business decisions.
What is Political?
The human body has this many bones when fully grown.
What is 206?