Business Economics
Non-price competition refers to strategies that firms use to attract customers and gain market share without altering the price of their products or services. This can include advertising, product differentiation, quality improvements, and customer service enhancements. By focusing on factors other than price, firms in markets like oligopoly and monopolistic competition can maintain their profitability while fostering brand loyalty among consumers.
congrats on reading the definition of non-price competition. now let's actually learn it.