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With reference to the passage, what is the nature of price and non-price competition in the market for bus transport.
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(a) With reference to the passage, what is the nature of price and non-price competition in the market for bus transport The Market structure for buses is monopolistic, with many firms in different sizes and forms. The larger firms refrained from competing against each other on the grounds that both would be worser off as a consequence. There have been examples of were new entrants to the industry have charged lower fares than the rest. But however it is very easy for larger firms to kill off small ones by offering selective fare cutting and service introduction. The nature of non-price competition on the other hand is very volatile. The reason being that it is difficult for firms to differentiate their products in pacific ways, which would influence consumers. However it is clearly seen that to a large extent price and non-price strategies have little effect upon consumers and the...
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