ENTREPRENEURSHIP AND THE GLOBAL ECONOMY
CULTURAL DIFFERENCES AND ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Perfect Competition
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Monopolistic Competition
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Oligopoly
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Monopoly
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Detailed explanation-1: -Perfect competition in economics signifies a market that is easy for the market players to enter and exit. It is because the products sold are identical, there is no price dispute, and hence, there exists no fear among the participants.
Detailed explanation-2: -What Is Perfect Competition? In economic theory, perfect competition occurs when all companies sell identical products, market share does not influence price, companies are able to enter or exit without barriers, buyers have perfect or full information, and companies cannot determine prices.
Detailed explanation-3: -Perfectly Competitive Market Characteristics Zero entry and exit barriers – A lack of entry and exit barriers makes it extremely easy to enter or exit a perfectly competitive market.
Detailed explanation-4: -Large number of buyers and sellers. Homogenous product is produced by every firm. Free entry and exit of firms. Zero advertising cost. Consumers have perfect knowledge about the market and are well aware of any changes in the market. All the factors of production, viz. No government intervention. More items