The Executive in Charge of Dealing with Running the State

question 31

Multiple Choice

The executive in charge of dealing with running the state and formulating policy is the

• A) head of government.
• B) head of state.
• C) chief executive.
• D) chancellor.

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Definitions:

Monopolistic Competition

The market structure that exists when there are fewer businesses than in a pure-competition environment and the differences among the goods they sell are small.

Competitive Environment

The dynamic external system in which businesses compete for resources, customers, and market space.

Pure Competition

The market structure that exists when there are many small businesses selling one standardized product.