Businesses that operate in an environment where success or failure is determined by how well they match and counter the offerings of competitors are operating under ______.
A) the private enterprise system
B) a social democracy
C) a monopoly
D) socialism

Question

Quizplus · Accepted Answer

The private enterprise system is characterized by competition among businesses, and success is determined by how well they can compete with and differentiate themselves from their competitors. Social democracy and socialism do not necessarily involve competition among businesses, and a monopoly occurs when one company dominates a particular market, which is not the situation described in the question.

Businesses That Operate in an Environment Where Success or Failure