Which of the Following Industries Most Closely Approximates Pure Competition

question 125

Multiple Choice

Which of the following industries most closely approximates pure competition?

• A) agriculture
• B) farm implements
• C) clothing
• D) steel

Grasp the significance of establishing organizational legitimacy and the methods to achieve it.

Identify strategies to reduce environmental uncertainty and manage resource dependence.

Comprehend the role of strategic alliances and joint ventures in organizational strategy.

Understand the impact of vertical integration on risk management.

---

Definitions:

Excise Tax

A tax levied on certain goods and commodities produced or sold within a country and on licenses granted for certain activities.

Supply Curve

A graphical representation of the relationship between the price of a good and the quantity of the good that suppliers are willing to offer for sale at each price level.

Sugary Soft Drinks

Beverages that contain added sugar or sweeteners to enhance flavor, often associated with negative health effects when consumed in excess.

Elastic Demand

A situation in which the quantity demanded of a good or service significantly changes in response to a change in price.