6 through 8 5. Airline Industry: In this industry, there are a few sellersthat tend to dominate the market.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO Monopoly6. Athletic Shoe Industry: In this industry the products arevery similar, although consumers perceive them as beingvery different.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO Monopoly7. ACME Light and Power: Through special legislation, thissupplier is the sole provider of electricity to its localmunicipalities.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO Monopoly8. Cable Television Industry: In smaller markets, onecompany is the sole provider of cable television service toconsumers in local municipalities.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO MonopolyPrev1 of 1Next Free-Market CompetitionA free market is one where decisions regarding what andhow much to produce are made by the market itself. Thismarket is made up of buyers and sellers negotiating pricesfor goods and services. It is generally accepted that thereare four degrees of competition within a free-marketsystem. These include perfect competition, monopolisticcompetition, oligopoly, and monopoly.One benefit of the free market is that it allows opencompetition among companies. Businesses must providecustomers with high-quality products at fair prices withgood service. If they don't, they lose customers tobusinesses that do.Select the degree of competition that best describes eachlisted industry or business based on the description.1. Automotive Industry: In this industry, there are a fewsellers that tend to dominate the market.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO Monopoly2. Beef Industry: There are many different suppliers ofthese products, which prevents any one of them fromsetting prices.O Perfect CompetitionO Monopolistic CompetitionO OligopolyO Monopoly3. Soda Industry: In this industry the products are verysimilar, although consumers perceive them as being veryT---JJ:

The suppliers and their consumer base determine the market competition.

Answered: industry

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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