ENTREPRENEURIAL MARKETING
PRICING STRATEGIES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Under ____, the market consists of many buyers and sellers trading in a uniform commodity.
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pure competition
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monopolistic competition
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oligopolistic competition
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a pure monopoly
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Explanation:
Detailed explanation-1: -Perfect competition is a market situation where there are a large number of buyers and sellers and selling of identical products takes place. The commodity is sold at a uniform price in the market.
Detailed explanation-2: -The market consists of many buyers and sellers who trade over a range of prices rather than a single market price. A range of prices occur because sellers can differentiate their offers to buyers.
Detailed explanation-3: -Pure competition is a market with many buyers and sellers trading uniform commodities where no single buyer or seller has much effect on market price.
Detailed explanation-4: -Monopolistic competition: Many buyers and sellers trading over a range of prices.
There is 1 question to complete.