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:

Centralization

The concentration of decision-making authority at the top levels of an organizational hierarchy.

Standardization

The process of developing and implementing technical standards to ensure that materials, products, processes, and services are fit for their purpose.

Specialization

The process of focusing on a specific area of knowledge or skill within a profession or field of study, leading to increased efficiency and expertise.

Formalization

The extent to which rules, procedures, and standards are written and explicitly articulated within an organization, leading to consistency and predictability in behaviors and processes.