Multiple Choice
In blank______ sales, the salesperson does not have to do much prospecting or qualifying. Which type of sales best fits this description in competitive markets?
36
views
3. The Market Forces of Supply and Demand
Competitive Markets
Struggling with Microeconomics?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
In competitive markets, which type of firms are often better prepared to leap into global markets and react quickly to opportunities?
A
Firms with rigid hierarchical structures
B
Firms that avoid technological advancements
C
Firms that operate as monopolies
D
Firms that are highly flexible and innovative
Verified step by step guidance1
Understand the characteristics of different types of firms in competitive markets, focusing on their organizational structure and adaptability.
Recognize that firms with rigid hierarchical structures tend to have slower decision-making processes, which can hinder quick responses to market changes.
Note that firms avoiding technological advancements may fall behind in efficiency and innovation, limiting their ability to compete globally.
Consider that monopolies, while powerful in their own markets, often lack the competitive pressure to innovate and adapt rapidly to new opportunities.
Conclude that firms which are highly flexible and innovative are better prepared to enter global markets and respond quickly to new opportunities because they can adapt their strategies and operations efficiently.
7:03mWatch next
Master Introduction to Supply and Demand with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Competitive Markets practice set
Problem sets built by lead tutorsExpert video explanations