Competition as a dynamic process implies that the individual firms in an industry
A) face a perfectly elastic demand curve.
B) utilize a variety of techniques, such as product, style, and price, to win the dollar votes of consumers.
C) produce a homogeneous product.
D) cooperate, attempting to establish a price and output structure so each firm can survive and continue to serve the consumer.

Question

Quizplus · Accepted Answer

Competition as a dynamic process involves firms using various strategies like product differentiation, style, and pricing to attract consumers, rather than just competing on price alone.

Competition as a Dynamic Process Implies That the Individual Firms