Business, 31.03.2020 04:06 jcbballer

A free market is one where decisions regarding what and how much to produce are made by the market itself. This market is made up of buyers and sellers negotiating prices for goods and services. It is generally accepted that there are four degrees of competition within a free-market system. These include perfect competition, monopolistic competition, oligopoly, and monopoly. One benefit of the free market is that it allows open competition among companies. Businesses must provide customers with high-quality products at fair prices with good service. If they don't, they lose customers to businesses that do.

Read the options below and match the given industries with these options:

a) Perfect Competition
b) Monopolistic Competition
c) Oligopoly
d) Monopoly

1. Automotive Industry
2. ACME Light and Power
3. Airline Industry
4. Soda Industry
5. Beet Industry
6. Cable Television Industry
7. Agricultural Commodities
8. Athletic Shoe Industry

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A free market is one where decisions regarding what and how much to produce are made by the market i...