POB

An electronics store charges less for a new tv than other electronic 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 & Non-price

Which of the following statements about perfect competition is correct

Products vary from seller to seller

Which of the following pieces of legislation prevents monopolies from forming and hinders

Sherman Antitrust Act

One of the way that competition benefits customers is encouraged businesses to

Improve their existing products

What motivates businesses to produce efficiently and sell effectively

The hope of making a profit

Because of competition, people in our society enjoy

A higher standard of living

If a consumers chooses to go to the movies rather than a pizza parlor, then the movie theater and pizza parlor are...?

Indirect Competition

One way that competition benefits business is by encouraging the creation of

Unrelated firms

In many places, trash pickup is legally controlled by just one company. This is known as...?

A regulated monopoly

Which of the following is one of the main principles of the private enterprise system?

Competition

Burger king and McDonald's are examples of...?

Direct Competitors

Which of the following are qualities of monopolies?

Low prices and little competition

The automobile industry, the pharmaceutical industry, and the oil industry are all examples of...?

Monopolistic Competition

Offering high quality, large assortments, and free shipping are examples of...?

Non-price Competition

When Maura purchased a new car, she was able to get part of the purchase price back from the car's manufacturer. The car's manufacturer is engaged in...?

Offering rebates

What type of market structure is most commonly found in a private enterprise economy?

Oligopolies

Which of the following is a direct benefit to consumers of the effects of competiton

Wider product selection

Most businesses put their greatest competitive effort into competing

With direct competition

One way that competition helps to build a prosperous society is by

creating new jobs