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Match the Following Terms with the Descriptions Below

Question 52

Matching

Match the following terms with the descriptions below.

Premises:
An environment in which there are many companies whose product/services are similar but not identical.
An environment where a few firms control the types of products and services and their distribution.
An environment where a large number of sellers produce and distribute virtually identical products and services.
A company that has exclusive control over a product, service, or geographic market.
Responses:
Pure Competition
Monopoly
Oligopoly
Monopolistic competition

Correct Answer:

An environment in which there are many companies whose product/services are similar but not identical.
An environment where a few firms control the types of products and services and their distribution.
An environment where a large number of sellers produce and distribute virtually identical products and services.
A company that has exclusive control over a product, service, or geographic market.
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