When two or more companies market similar products to the same customers in a free and open market.
Free and Open Market
Market in which price is freely determined by supply and demand.
Market in which price, supply, and demand are artificially controlled. Opposite of a free and open market.
Supply and Demand
Demand is quantity of a product that consumers will buy at a certain price. Supply is the quantity of the product available at that price.
When a company has exclusive control over the market for a product. or when there are many buyers but only one seller.
Government opposition to monopolies in the interest of competition. Established in the U.S. in 1890 by the Sherman Anti-Trust Act.
A tax or duty imposed by a government on imported goods.
selling products, through unfair competitive practices, in a foreign market at a price below that of the domestic market.