The Competitive Environment

Question 1

What is a ‘Market’?

Answer 1

A place where companies sell a product amd consumers buy them

Question 2

What is ‘Competition’?

Answer 2

When other businesses are in the same market and want to attract the same type of customer

Question 3

What is an’Monopoly’?

Answer 3

When a Single Company controls a market

Question 4

What is ‘Market Share’?

Answer 4

Percentage or sales in a market from a single company

Question 5

How to Calculate ‘Market Share (%)’?

Answer 5

(Profit from Business / Profit from Market) x 100