Market ______ describes the state of a market with respect to competition.

Question

Quizplus · Accepted Answer

Market structure refers to the characteristics of a market that define the level of competition. It includes the number and size of competitors, the ease of entry into the market, and the degree of product differentiation. Market process refers to the actions of buyers and sellers in the market, such as how prices are determined and how information is shared. Market dynamism refers to the degree of change and innovation in the market, such as the rate of technological advancements and shifts in consumer preferences. While all of these factors can impact competition in a market, market structure specifically focuses on the competitive environment.

Market ______ Describes the State of a Market with Respect