Impact of External Influences (Edexcel A-Level Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does competition refer to in business?
What does competition refer to in business?
Rivalry between firms selling in a market
Which feature characterises a competitive market?
Which feature characterises a competitive market?
Low barriers to entry for new firms
What defines a monopoly?
What defines a monopoly?
Just one business supplies entire market
What is the crucial characteristic of oligopolies?
What is the crucial characteristic of oligopolies?
Interdependence between firms
How do oligopolistic firms typically compete?
How do oligopolistic firms typically compete?
Through advertising and brand building
How much did Hutchison Whampoa pay to acquire O2 in 2015?
How much did Hutchison Whampoa pay to acquire O2 in 2015?
£10.25 billion
What happened to UK shops between 2013 and 2014?
What happened to UK shops between 2013 and 2014?
16-18 shops closed per day on average
What is backward vertical integration?
What is backward vertical integration?
Acquiring a supplier or in-house supply
How do gaming consoles create switching costs for buyers?
How do gaming consoles create switching costs for buyers?
Making games technically incompatible
Which strategy deters new market entrants?
Which strategy deters new market entrants?
Applying for patents and copyright