Chapter 2.6 The Competitive Environment. Flashcards

1
Q

What is a Market?

A

Markets exist where there are buyers and sellers.

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2
Q

What is a competition?

A

It exists when more than one business is attempting to attract the same customers.

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3
Q

What is a monopoly?

A

It exists when a business does not face any competition in a particular market.

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4
Q

What is a market share?

A

It is the percentage of sales in a particular market recorded by a business.

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