An industry having a high degree of price competition would be characterized by: (which one)?

Low Industry Concentration, Low Legal Barriers to Entry, Low Product Differentiation

Few Exit Barriers, Low First mover advantage, Low Product Differentiation

High Industry Concentration, High Distribution Access, Low Firm Excess Capacity

Low Concentration, Low Fixed-Variable Cost Ratio, Few Legal Barriers to Entry

Supply < Demand, Low First Mover Advantage, High Fixed to Variable Cost Ratio