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- Match each concept with its corresponding definition:- Pure and perfect competition. Imperfect competition. The monopoly. The oligopoly. Monopolistic competition. Barriers to entry into an industry. A. All restrictions that do not allow the company to produce a certain type of production. B. A type of market where several companies sell a standardized or differentiated product with limited ability to control prices, having high barriers to enter the market and considerable restrictions on access to the economic information. C. A type of market where many companies produce and sell standardized products, there are no barriers to entry into the industry, one has free access to economic information and none of these companies is powerful to influence (increase or decrease) the market price. D. A type of market in which there are one, several or a considerable number of companies in the industry that control the price level in a certain way; on the other hand, there are barriers to entry…2. The table below provides information regarding four companies and the corresponding products/services. Identify and briefly discuss the appropriate 'strategy' that each com- pany should adopt for the corresponding products as they contemplate extending their business to other countries/regions of the world.Question 3: a. Explain the difference between and the economic relevance of fixed costs, sunk costs, variable costs, and marginal costs by using specific examples from everyday administrative activities. b. By using specific product markets briefly discuss the significant difference among the following market structures: (i) perfect competition, (ii) monopoly, (iii) monopolistic competition, and (iv) oligopoly. c. Why are externalities, public goods, and information asymmetry major problems in the market? Discuss.
- Read the following case and conduct strategic position bring out business model components and competitive advantage. The economy of Pakistan is rift with small-to-medium-sized enterprises (SMEs). This simply reflects the entrepreneurial spirit of managers within the country. Ministry of Economic Affairs, Economic Affairs Division Pakistan estimates SMEs with fewer than 20 staff make up some 96% of all businesses in and 86% of these have fewer than five staff. Pak-Juices is a local company that produces award-winning spirits and spring water that uniquely utilizes pure water from northern regions of Pakistan. Established in the 2008, by advertising executive and now company CEO Aslam Qureshi, it started exporting in 2013 and today its products are sold in the top restaurants around the world. Significantly, says commercial manager Amjad Khalil, export sales surpassed domestic for the first time in 2015 (full year). There are two ways a firm can grow first organic growth (sell more of…Read the following case and conduct strategic position bring out business model components and competitive advantage. The economy of Pakistan is rift with small-to-medium-sized enterprises (SMEs). This simply reflects the entrepreneurial spirit of managers within the country. Ministry of Economic Affairs, Economic Affairs Division Pakistan estimates SMEs with fewer than 20 staff make up some 96% of all businesses in and 86% of these have fewer than five staff. Pak-Juices is a local company that produces award-winning spirits and spring water that uniquely utilizes pure water from northern regions of Pakistan. Established in the 2008,by advertising executive and now company CEO Aslam Qureshi, it started exporting in 2013 and today its products are sold in the top restaurants around the world. Significantly, says commercial manager Amjad Khalil, export sales surpassed domestic for the first time in 2015 (full year).There are two ways a firm can grow first organic growth (sell more of…What are the key trade offs of imperfect competition? Group of answer choices 1-The monopolistically competitive market structure provides powerful incentives for innovation, but they never achieve productive efficiency in the long run. 2-The monopolistically competitive market structure provides powerful incentives for innovation, but the strongest firms in a monopolistically competitive market become oligopolists. 3-The monopolistically competitive market structure fails to achieve allocative efficiency, but the firms all face perfectly elastic demand curves. 4-The monopolistically competitive market structure allows firms to achieve economic profit in the short run, but the individual firms all face perfectly elastic demand curves.
- Market Structure - Economics11. A key to business success is to decide in advance how to respond to the issues that underlie all questions of ethics and A) personnel complaints B) compensatory damages. C) governmental support D) social responsibility 12. Which of the following does NOT fall into the degrees of competition continuum? A) Perfect competition B) Monopolistic competition. C) Competitive advantage D) OligopolyRead the descriptions of the businesses provided. Determine the type of market structure and explain why. 1. Bill's Salmon Supplier: Bill's Salmon Supplier sells fresh salmon to local seafood restaurants. Every morning Bill sails out to sea to catch salmon, and each afternoon he returns to sell his catch to local restaurants. There are hundreds of other fishers catching and selling salmon. Because the salmon Bill catches is just like the salmon caught by the other fishers, he can't raise his price. 2. Healthy and Hearty Soups: Healthy and Hearty Soups produces a variety of soups. There is considerable competition in the soup market. However, Healthy and Hearty Soups has spent several million dollars on an advertising campaign to convince consumers that their soups are healthier than all other soups. Because of this advertising, Healthy and Hearty Soups charges a higher price than other soups on the market. 3. County Cable: County Cable supplies cable access to all local…
- 35. Market Model: There are dozens of pasta producers that sell pasta to hundreds of Italian restaurants nationwide. The restaurant owners buy from the cheapest pasta producer they can. While pasta manufacturers must pay licensing fees to their local government and undergo regular food-safety inspections, anyone who passed inspections can acquire and maintain their license. * 5 (1 Point) Perfect Competition Perfect Competition Oligopoly Monopolistic Competition MonopolySub : EconomicsFinancePls answer ASAP.Dnt CHATGPT.I ll upvote. Thank YouOnly typed answer 1. Why do oligopolies exist? A. A small number of firms have established barriers to entry using economies of scale, patents, and sheer size to prevent other firms from challenging them. B. The oligopolistic firms are created, run, and supported by the government. C. The members of an oligopolistic market are producing in the upward sloping range of their long run average cost curves.