The Competitive E

Question 1

Market

Answer 1

Markets exist where there are buyers and sellers.

Question 2

Competition

Answer 2

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

Question 3

Monopoly

Answer 3

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

Question 4

Market share

Answer 4

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

Question 5

Uncertainty

Answer 5

An uncertainty occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.