Competitive industries: Group of answer choices A. require government intervention B. compete all profits away until firms must exit C. result in shut factories and unemployment D. keep society growing by being efficient
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- Your friend, who has not taken any courses in economics, just inherited a company in another state. In three weeks, they will begin running a company about which they know nothing (not even the company's product or service). Explain various markets and how they work to your friend so your friend will be able to run the company.Identify an industry where small and large businesses compete with each other. If you own one of the competing small businesses, what strategy would you adapt?Long-Term Competitiveness?
- You turned down a job at ABC Corp last year that would have paid you $125,000 per year and started your own company. When you calculated your economic profit, it came out at $0. You expect the business will be exactly the same next year. ABC called and said you could still take the job. You should... A. Keep running your company as-is. B. Keep running your company but pay yourself less. C. Keep running your company but pay yourself more. D. Shut down your company and take the job at ABC.Choose any business. If you worked for that business, what major factors would stimulate the demand for the products that this firm is selling?Make a list of the ways competitiveness can affect the quality of life.
- Which of the following is not a typical characteristic of a market system? Multiple Choice a. profit as a success Indicator b. consumer sovereignty c. lack of Incentives to produce new products d. freedom of choice e. competition in product and resource marketsWhat type of organization is appropriate in the competitive business environment?Please explain with examplesEconomic research suggests that US environmental regulations have _____. Select one: a. Had no discernable effect on US competitiveness. b. Made US firms less competitive against its global competitors. c. Made US firms more competitive against its global competitors.
- Economic research suggests that US environmental regulations have _____. Select one: a. Made US firms less competitive against their global competitors. b. Had no discernable effect on US competitiveness. c. Made US firms more competitive against their global competitors.Which dimension is related to market competition? Social dimension Natural dimension Socio-cultural dimension Economic dimensionIn economics, the operation of the competitive market model (Perfect Competition) produces efficient uses of resources and meets people’s needs and wants; in other situations, markets fail to satisfactorily use resources efficiently and meet the needs and wants of people. Discuss, demonstrating your understanding of how, why and when markets work well or fail and what can governments do when markets fail. Use diagrams to help your explanation and argument.
