competition
is the business action of two or more companies striving to gain customers
true
four common types of market structures
pure competition, monopolistic competiton, oliopoly, pure monopoly
Exist when marketers compete on the basis of price
The 4 consumers of alternative market structures
pure competition, monopsonistic competition, oligopsony, monopsony
focuses on factors such as features, quality , service and promotion
non price competition
does the individual seller determine the price of the product in pure competition
false
Competion doesnt occure in which of these forms of government
communist and socialist
allows for the private ownership and management of resources
true