Practice Quiz

CLEP Marketing

Category - Concepts

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In a market where many companies offer different versions of a product and not one can significantly impact price and supply, its competitive structure is referred to as
  1. Monopoly
  2. Oligopoly
  3. Oligopolistic competition
  4. Monopolistic competition
  5. Pure competition
Explanation
Answer: E - In a market where many companies offer different versions of a product and not one can significantly impact price and supply, its competitive structure is referred to as pure competition. In a pure competition, multiple suppliers offer different versions of the product, such as a farmer in a farmers’ market.
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