A Particular Industry Has Many Competitors, Each of Whom Has

question 212

Multiple Choice

A particular industry has many competitors, each of whom has little control over price. In addition, it is fairly easy to enter the industry. This industry is an example of ______.

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

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Definitions:

Operations Management

This sector of management deals with formulating and managing the processes involved in producing and innovating business operations for the production of goods or services.

Just-In-Time Performance

is an inventory strategy companies use to increase efficiency and decrease waste by receiving goods only as they are needed in the production process.

Low Bid Purchasing

A procurement strategy where contracts are awarded to the supplier offering the lowest price for goods or services, often utilized in public sector procurement.

Postindustrial Societies

Societies characterized by an economy where the service sector produces more wealth than the manufacturing sector.