How The Competitive Environment Affects Business: Examples & Importance


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question 1 of 3

In the year 2100, the economic market now reflects the theoretical idea of perfect competition. James is deciding which car he will buy. What will be the only perceived difference for him?

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1. How is an imperfect competition defined?

2. What is a condition that gives a business a competitive advantage in the marketplace?

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About This Quiz & Worksheet

The quiz will test you on definitions related to competitive environments. Each question will provide you with a definition. From there, you will need to identify the correct term. Perfect competition and competitive advantage will be covered on the quiz.

Quiz & Worksheet Goals

The assessment will test you on the following:

  • Perfect competition
  • Imperfect competition
  • Competitive advantage
  • Competitive strategy

Skills Practiced

The quiz will help you practice the following skills:

  • Reading comprehension - ensure that you draw the most important information from the related competitive environment lesson
  • Making connections - use understanding of imperfect competition
  • Interpreting information - verify that you can read information regarding competitive advantage and interpret it correctly

Additional Learning

Complete the quiz and then head over to the corresponding lesson How The Competitive Environment Affects Business: Examples & Importance. The lesson will help you with the following topics:

  • Defining market competition
  • Understanding perfect competition
  • Detailing imperfect competition
  • Explaining competitive advantages