Markets and Competition 0.0 / 5 ? EconomicsCompetitive marketsASAQA Created by: johncunninghamCreated on: 23-11-15 15:51 The ideal type of competition (2 words) perfectcompetition 1 of 12 There is only one of these monopoly 2 of 12 Commodities are made to appear to better than others (2 words) productdifferentiation 3 of 12 In perfect competiton, firms are price takers 4 of 12 In monopoly, firms are price makers 5 of 12 Reducing prices to deter competitors from entering the market(2 words) limitpricing 6 of 12 converting ideas into marketable commodities innovation 7 of 12 large firms benefit from (3 words) economiesofscale 8 of 12 A market where a few fitms dominate have a high _______________ratio concentration 9 of 12 In perfect competition commodities are all the same homogeneous 10 of 12 In imperfect competition commodities are dissimilar heterogeneous 11 of 12 persuading consumers to buy a commoditiy is known as persuasive ........... advertising 12 of 12
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