1.2.4 Flashcards
1
Q
monopoly
A
a single supplier that constitutes the entire industry.
2
Q
Price maker
A
customers have no choice but to accept the price charged by the business as there is no alternative
3
Q
Oligopoly
A
an industry or market that is dominated by a few firms.
4
Q
Collusion
A
an agreement between two or more parties to limit competition by deceiving, misleading, or defrauding others
5
Q
OPEC
A
Organisation of the Petroleum Exporting Countries
6
Q
Sole Trader
A
This business is owned by just one person
7
Q
Mass market
A
this is the market that is aimed at the general population
8
Q
Niche market
A
this is a subset of the main market and addresses a specialist nee
9
Q
A
