The Maximum Number of Customers Who Can Enter the Market

question 30

Multiple Choice

The maximum number of customers who can enter the market given a specific served market definition is known as ________.

• A)market penetration
• B)market potential
• C)rate of entry
• D)current market demand
• E)market diversification

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Definitions:

Open Shops

Workplaces where joining a union is not a condition for employment, allowing for both union and non-union employees.

Pure Monopsony Power

A market condition where there is only one buyer for a product or service, giving that buyer significant control over prices.

Strike and Lockout

Labor disputes where employees refuse to work (strike) and employers prevent employees from working (lockout) to settle disagreements, typically over employment terms.

Union Shop

A workplace where new employees must join the union representing them within a certain period of time as a condition of their employment.