1. Seven Facts Of Economic Life
... the Less Competitive the Market The United States economy is based on monopolistic competition. This means that an individual company or firm offering a good or service tries to be the only one to offer it by out doing the rest of the competitors. In doing this the buyers or consumers get the ... profit that they are happy with. If someone comes up with an idea that everyone can't live without and is the only one offering this good or service then they have what's called a monopoly, this is true with the cable industry. If you can remember when all you needed was a pair of rabbit ... sa...
- Word Count: 2611
- Approx Pages: 10
- Has Bibliography
- Grade Level: High School