| A | B |
|---|
| Price | The amount charged to customers in exchange for goods and services. |
| Market Price | The price that prevails in the market for a particular good at a specific time. |
| Fixed Costs | Costs that remain constant over a period of time. |
| Variable Costs | Costs that vary based on business needs. |
| Direct Competition | Mcdonald's and Burger King |
| Indirect Competition | Movie Theatre and Mall |
| Opportunity Cost | The option that is given up when a consumer chooses one product over another. |
| Price Competition | A competitive strategy using price to attract customers. |
| Non-Price Competition | A competitive strategy not using price to attract customers. |
