EC-008 Posttest
most businesses put their greatest competitive efforts into competing
with direct competitors
which of the following is one of the main principles of the private enterprise system:
competition
burger kind and mcdonald's are examples of
direct comoetitors
which of the following statements about perfect competition is correct
it is used as a benchmark to compare real market structures against
what motivates businesses to produce efficiency and sell effectively
the hope of making a profit
which of the following is a direct benefit to consumers of the effects of competition:
wider product selection
One way that competition helps to build a prosperous society is by
Creating new jobs
Because of competition, people in our society enjoy
A higher standard of living than that of people in many other countries.
which of the following are qualities of monopolies
High prices and low production
One way that competition benefits business is by encouraging the creation of
New companies
which of the following pieces of legislation prevents monopolies from forming and hinders price fixing:
Sherman antitrust act
in many places, trash pickup is legally controlled by just one company. This is known as
a regulated monopoly
one of the ways that competition benefits customers is by encouraging buissness to
improve their existing products
if a consumer chooses to go to the movies rather than to a pizza parlor, then the movie theater and the pizza parlor are
indirect competitors
what type of market structure is most commonly found in a private enterprise economy
monioilistic competition
Offering high quality, large assortments, and free shipping are examples of
nonprice competition
when Maura purchased a new car, she was able to get part of the purchase price back from the cars manufacturer. The cars manufacturer engaged in
offering rebates
the automobile industry, the pharmaceutical industry, and the oil industry are all examples of
oligopolies
an electronics store charges less for a new television than other electronics stores, The store is engaging in ________ competition
price
a business that advertises a special sale as well as its delivery service is using a combination of _______ competition
price and nonprice
