Examlex
Which of the following uses the latest information technology to keep in close touch with customers and to collect and manage large amounts of customer data?
Pure Competition
A market structure characterized by a large number of sellers offering standardized products or services, with no single seller able to influence price or market conditions.
Standardized Product
Goods or services that are uniform in quality and specifications across all producers and marketplaces.
Marginal Revenue
The additional profit earned from the sale of an extra unit of a product or service.
Purely Competitive Firm
Describes a business that operates in a market where no single company can influence prices, due to the presence of many sellers offering identical products.
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