Market Structures Identification and Challenges
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Market Structures Identification and Challenges

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Questions and Answers

What is the term used to describe similar goods or services providing equal consumer satisfaction?

  • Contemporary Economic Issues
  • Homogeneous products (correct)
  • Investment Rates
  • Heterogeneous products

    • Which type of business organization is owned by a single individual who is solely responsible for running the business?

  • Partnership
  • Sole Proprietorship (correct)
  • Cooperative
  • Corporation

    • What is the legal entity separate from owners (shareholders) with limited liabilities?

  • Cooperative
  • Sole Proprietorship
  • Partnership
  • Corporation (correct)

    • Which tool provides an analytical framework for identifying strengths, weaknesses, opportunities, and threats in a business?

    <p>SWOT Analysis</p> Signup and view all the answers

    What limits opportunities to start businesses according to the text?

    <p>High interest rates</p> Signup and view all the answers

    Which factor impacts market attractiveness based on the uniqueness of a product?

    <p>Supplier power</p> Signup and view all the answers

    What is the key characteristic of pure competition?

    <p>Identical products and price takers</p> Signup and view all the answers

    What is the main challenge under pure competition?

    <p>Maintaining profit above total cost</p> Signup and view all the answers

    What is the characteristic that defines a monopoly?

    <p>Significant market control</p> Signup and view all the answers

    What is a key challenge faced in an oligopoly?

    <p>Barriers to entry</p> Signup and view all the answers

    What is a common strategy in monopolistic competition?

    <p>Non-price competition such as branding</p> Signup and view all the answers

    What factors determine competition in an industry according to the text?

    <p>Threat of new competitors, substitute products, and bargaining power</p> Signup and view all the answers

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