Marketing Chapter 3

The wants and needs of consumers are limited.

The demand curve for a business in a purely competitive market

Businesses in an oligopoly must pay careful attention to the actions of competitors.

Economic resources can be classified as

Businesses in an oligopoly will have to cooperate to raise prices.

A monopoly is typically the result of a lack of competition.

Unlimited wants and needs, combined with limited resources, result in

_______ are used to produce products and services.

Effective marketing relies on the principles and concepts of

All of the consumers who will purchase a particular product or service comprise a

Marketing is more creative than scientific.

Resources are unlimited.