Types of Competition

Which form of competition has the greatest control of their prices?

• Monopoly

• Oligopoly

• Pure Competition

• Monopolistic competition

Things require to survive are categorised as_

• Demands

• Wants

• Needs

• Desires

What is the term when supply and resources is limited and human can't meet their needs?

• Deficiency

• Limitations

• Scarcity

• Rare

How much people want something

• supply
• demand

In pure competition, a large number of suppliers offer very similar products.

• True

• False

A business in monopolistic competition has no control over price if it wants to sell its products. 

• True
• False

A cable television company usually operates in a pure competition environment. 

• True
• False

The airline industry is an example of an oligopoly. 

• True
• False

Businesses in monopolistic competition should focus on making their products different from and better than competitors' products.

• True
• False

Which type of economy has central ownership and lack of individual choice?

• Market Economy
• Mixed Economy
• Command Economy
• Traditional Economy