Respuesta :
There is absolutely no good reason to not conduct market research. This statement is false.
What is market (in economics)?
Market is a means by which the exchange of goods and services takes place as a result of buyers and sellers being in contact with one another, either directly or through indirectly agents or institutions. Markets in the most literal and immediate sense are places in which things are bought and sold. In the modern industrial system, however, the market is not a place it has expanded to include the whole geographical area in which sellers compete with each other for customers.
Types of markets
(1) perfect competition, (2) pure monopoly, (3) monopolistic competition, and (4) oligopoly.
Perfect competition market- In a perfectly competitive market, firms sell their products at prices determined solely by forces beyond their control. Because the products are very similar and each firm contributes only a small amount to the total quantity supplied by the industry, price is determined by supply and demand. A monopolistic market is a theoretical condition that describes a market where only one company may offer products and services to the public. A monopolistic market is the opposite of a perfectly competitive market, in which an infinite number of firms operate. Oligopoly market arises when a small number of large firms have all or most of the sales in an industry. Examples of oligopoly abound and include the auto industry, cable television, and commercial air travel.
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