The situation in which competitors offer very similar marketing mixes,which customers see as close substitutes,and managers just compete with lower and lower prices as profit margins shrink is called ________.

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In a pure competition, competitors offer very similar marketing mixes. Because customers see the different available products as close substitutes, managers just compete with lower and lower prices, and profit margins shrink.

The Situation in Which Competitors Offer Very Similar Marketing Mixes,which