UNIVERSE
SATELLITESICY BODIES
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
Industry
|
|
|
Satellite
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -Any group of firms producing similar or related goods make up an industry.
Detailed explanation-2: -Monopolistic competition occurs when many companies offer products that are similar but not identical. Firms in monopolistic competition differentiate their products through pricing and marketing strategies.
Detailed explanation-3: -Economic market structures can be grouped into four categories: perfect competition, monopolistic competition, oligopoly, and monopoly.
Detailed explanation-4: -INDUSTRY: A group of firms producing goods or services that are close substitutes-in-consumption. The similarity of the products makes it possible to analyze the production in a market framework.
Detailed explanation-5: -Economists have identified four types of competition-perfect competition, monopolistic competition, oligopoly, and monopoly.