Under Which Market Structure Are Profit Rewards Most Likely to Be

question 290

Multiple Choice

Under which market structure are profit rewards most likely to be quickly taken away by existing firms or new firms entering the industry?

• A)oligopoly
• B)pure monopoly
• C)pure competition
• D)monopolistic competition

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Definitions:

Promotion Element

Components of marketing that aim to inform, persuade, or remind consumers about a product or brand, including advertising, sales promotion, and public relations.

Marketing Mix

The set of actions, or tactics, that a company uses to promote its brand or product in the market, commonly referred to as the Four Ps: product, price, place, and promotion.

Production-oriented Era

A historical phase in marketing when businesses focused primarily on production capabilities and efficiencies, with less concern for customer desires or market demand.

Sales-oriented Era

A period in marketing history characterized by a focus on sales techniques and increasing the volume of products sold, with less emphasis on the needs and wants of the consumers.