Match Each Item with a Statement Below

question 14

Multiple Choice

Match each item with a statement below:

-Characterized by many buyers and sellers,many products that are similar and undifferentiated

• A)oligopoly
• B)perfect competition
• C)low-cost leadership
• D)economies of scale
• E)external environment
• F)strategic group
• G)monopolistic competition
• H)market niche
• I)monopolies
• J)value chain

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Definitions:

Oligopolies

Market structures in which a few large firms dominate the industry, having significant market power to influence prices and terms of sale.

Market Power

The ability of a firm to influence or control the price and output level in the market.

Interdependence

The mutual reliance between two or more groups or sectors, especially in an economic context, where the actions of one directly affects the others.

Market Demand Curve

A graphical depiction showing the quantity of a commodity that consumers in a market will purchase at various prices.