The Market Situation in Which Only a Few Large Firms

question 53

Multiple Choice

The market situation in which only a few large firms compete in offering very similar marketing mixes to customers is called

• A)pure competition.
• B)oligopoly.
• C)capitalistic competition.
• D)monopolistic competition.
• E)monopoly.

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Definitions:

Uncertainty

The lack of clarity about future events that can cause entrepreneurs to take unreasonable actions.

Pivot

A change in business direction.

Ethical Boundary

The limits of acceptable behavior and practices, determined by ethical principles and standards, beyond which actions become morally wrong.

Deviance

When an entrepreneur defies legal and ethical boundaries, leading to mismanagement of the venture.