If in an Industry,none of the Many Sellers Could Influence

question 62

Multiple Choice

If in an industry,none of the many sellers could influence the price of supply of its products,this industry would be characterized as

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

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Definitions:

Cost Focus Strategy

A business approach aimed at being the lowest cost provider in a specific niche or segment.

Competes Worldwide

The capability of an organization or entity to engage and perform in international markets against global competitors.

Low Costs

Strategies or practices aimed at reducing expenses and financial outlays in business operations or production.

Low Prices

The condition of goods or services being offered to consumers at a reduced or competitive cost.