Types of Competition in Entrepreneurship

What is the effort of 2 or more people, acting independently, to get the business of others by offering the best deal?

• Consumer sovereignty

• Competition

• Profit

• Specialization

A person who comes up with a product or service, and finds the money and time to produce this new product.

• Entrepreneur

• Incentive

• Specialization

• Barter

I found these white socks at 10 different stands at the flea market. Why type of market system is being represented?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect competition

What type of competition involves businesses competing by offering the best prices to attract customers?

• Price Competition

• Non-price Competition

• Monopolistic Competition

• Oligopolistic Competition

Which type of competition focuses on differentiating products through features, quality, or branding rather than price?

• Price Competition

• Non-price Competition

• Perfect Competition

• Monopoly

In which type of market structure do a few large firms dominate the market, often leading to competitive strategies like price wars?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What is the term for a market structure where many firms sell products that are similar but not identical?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

Which type of competition is characterized by a single seller dominating the market with no close substitutes for the product?

• Monopoly

• Oligopoly

• Monopolistic Competition

• Perfect Competition

What type of competition involves businesses competing through advertising, product differentiation, and customer service?

• Price Competition

• Non-price Competition

• Perfect Competition

• Monopoly

In which type of competition do businesses compete by improving product quality and innovation rather than lowering prices?

• Price Competition

• Non-price Competition

• Monopolistic Competition

• Oligopoly