The Science of Classification Is Generally Known as _____

question 41

Multiple Choice

The science of classification is generally known as _____.

• A)nomenclature
• B)taxonomy
• C)morphology
• D)dichotomy

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Definitions:

Oligopolistic Competition

An economic system where a few large corporations control the market, resulting in restricted competition.

Price Competition

A market situation in which competitors attempt to outdo each other on price, as opposed to features, benefits, or services.

Pure Monopoly

A market structure where a single company or entity exclusively supplies a product or service, facing no competition.

Product Differentiation

Strategies employed by companies to make their products or services stand out from those of competitors in the eyes of consumers.