in the market for smart-phones, apple has a well established name, and people are willing to pay much more for an iphone. apple fosters distinct products over which they have a great deal control over price and for which they do charge a higher price. which market type would be least likely to accurately describe apple? group of answer choices monopolistic competition perfect competition oligopoly more than one of these is correct pure monopoly

Perfect competition, also known as atomistic competition, is the phrase used to define the idealizing conditions that make up an atomistic market, also known as a perfect market, in economics, specifically general equilibrium theory.

Imagine a market where there is complete competition and everyone has access to the same goods and information. Every business in this system of exchange must provide the lowest price in order to retain customers and keep out undercutting rivals. a scenario in marketing where many companies sell the same product and are unable to differentiate themselves from one another; as a result, no company has a substantial impact on price.

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