Answered

What is the purpose of nonprice competition?
O Produce at the lowest cost possible.
O Encourage other firms to cooperate in setting prices.
O Establish extensive control of their particular market.
O Distinguish their products from those of other companies.



Answer :

GinnyAnswer

Final answer:

Nonprice competition involves distinguishing products without relying on price alone to attract customers and maintain market power.


Explanation:

Nonprice competition is a strategy used by firms in oligopolistic markets to distinguish their products from competitors without solely relying on price adjustments. By focusing on aspects such as product differentiation, firms aim to attract customers and build barriers to entry for new competitors. This approach helps maintain market power and stimulates innovation and creativity in product offerings.


Learn more about Nonprice competition in oligopolies here:

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