MANAGEMENT

Detailed explanation-1: -Price Competition-A type of rivalry between or among businesses that focuses on the use of price to attract scarce customer dollars.

Detailed explanation-2: -Competition. the rivalry among businesses for consumers’ dollars, is another vital element in free enterprise.

Detailed explanation-3: -competition. the rivalry among businesses to sell their goods and services to buyers. demand.

Detailed explanation-4: -[1] When only a single firm sells a product or service for which there is no substitute, the firm is a monopoly. [2] When only a single firm buys a product or service, the firm is a monopsony. A monopsony can exist in labor markets, when there is only one employer in a market.

Detailed explanation-5: -Communism: Society in which people, without regard to class, own all the nation’s resources.