Written by the Fiveable Content Team • Last updated September 2025
Verified for the 2026 exam
Verified for the 2026 exam•Written by the Fiveable Content Team • Last updated September 2025
Definition
Competitive industries are sectors of the economy where multiple firms compete against each other for market share by offering similar products or services.
Related terms
Monopolistic Competition: A market structure characterized by many sellers offering differentiated products.
Oligopoly: A market structure dominated by a small number of large firms.
Market Share: The portion of total sales within an industry that is captured by one particular company.