MGT100 - Competition

Rivalry among businesses for sales to potential customers

• competition

• monopoly

• product differentation

• demand

Quantity of a product that buyers are willing to purchase at each various price.

• supply

• demand

• market equilibrium

• competition

a market situation with only a few major sellers.

• Pure competition

• Monopolistic competition

• oligopoly

• monopoly

Legal market structure that requires huge investments in capital that would be wasteful and not good for public interest

• oligopoly

• monopoly

• barter system

• natural monopoly

Which of the following is an example of a non-price means of competition

• quality

• service

• financing options

• location/convenience

Market situation with many buyers and sellers that have no power to affect price

• perfect competition

• monopolistic competition

• oligopoly

• monopoly