2.1 What are competitive markets? Flashcards
1
Q
What is a competitive market?
A
A market situation in which there are a large amount of buyers and sellers.
2
Q
How do firms compete?
A
IPAQPB Innovations, Price, Advertising, Quality, Promotions, Branding.
3
Q
Who are competitive markets good for?
A
Consumers because prices are lower.
4
Q
What do companies need to be in order to survive?
A
Efficient.
