In Business, the Four Basic Forms of Competition Are

question 136

Multiple Choice

In business, the four basic forms of competition are

• A) pure competition, limited competition, oligopoly, and monopoly.
• B) dictatorship, monarchy, oligarchy, and democracy.
• C) pure competition, cross-market competition, oligopoly, and pure monopoly.
• D) technological competition, market competition, governmental competition, and environmental competition.
• E) pure competition, monopolistic competition, oligopoly, and pure monopoly.

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Definitions:

New-to-the-world Products

Innovations that create an entirely new market by being the first of their kind.

Late Majority

The last group of buyers to enter a new product market; when they do, the product has achieved its full market potential.

Early Adopters

The second group of consumers in the diffusion of innovation model, after innovators, to use a product or service innovation; generally don’t like to take as much risk as innovators but instead wait and purchase the product after careful review.

Fashion Trends

The direction in which fashion is moving, with changes in consumer preferences leading to the popularity of certain styles, fabrics, or themes in a given season or period.