The Four Basic Types of Competition That Take Shape in a Private

question 4

Multiple Choice

The four basic types of competition that take shape in a private enterprise system are:

• A) Macroeconomics, microeconomics monopoly, and capitalism.
• B) Socialism, democracy, communism, and capitalism.
• C) Pure competition, monopolistic competition, oligopoly, and monopoly.
• D) Recession, depression, inflation, and deflation.

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Definitions:

Democratic

Pertaining to or characterized by principles of democracy, where the power is vested in the people who rule either directly or through freely elected representatives.

Republican

Pertaining to a supporter or member of the Republican Party in the United States, one of the two major political parties, typically associated with conservative political policies.

Progressive

Referring to political and social movements or policies aiming at reforms and advancements in societal issues, governance, or equity.

National Recovery Agency

Likely refers to the National Recovery Administration (NRA), a prime New Deal agency established by U.S. President Franklin D. Roosevelt in 1933 to stimulate economic recovery during the Great Depression.