Consumers Are Using Their Mobile Devices to Help Their Retail

question 53

Multiple Choice

Consumers are using their mobile devices to help their retail buying decisions in the following way.

• A) Compare prices with competing firms
• B) Find location and hours of a retailer.
• C) Read reviews about products and services.
• D) Look up product information.
• E) All apply.

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Definitions:

Perfect Competition

A market structure where many firms sell identical products, entry and exit to the market are easy, and no single firm can influence the market price.

Medium-sized Firms

Companies that occupy the middle ground in terms of annual revenues and employee numbers, larger than small businesses but smaller than large corporations.

Oligopolists

Firms operating in a market structure characterized by a small number of companies that have significant control over market prices and competition.

Monopolistic Competitors

Firms operating in a market structure where many companies sell products that are similar but not identical, allowing for competition on aspects other than just price.