Which Type of Product Is a Basic or Necessary Item

question 53

Multiple Choice

Which type of product is a basic or necessary item that is available almost everywhere?

• A) emergency product
• B) staple product
• C) impulse product
• D) shopping product
• E) unsought product

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Definitions:

Barriers to Entry

Obstacles that make it difficult for new competitors to enter a market.

Oligopoly

A market structure characterized by a small number of firms whose decisions about production and pricing significantly affect the market.

Herfindahl Index

A measure of market concentration that sums the squares of the market share percentages of all firms within the industry, used to assess the level of competition.

Oligopolistic

Pertains to a market structure characterized by a small number of firms dominating the market, leading to limited competition and significant control over market prices.