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State what market structure exists in Jamaica since the early 2000s. Explain if excess profit will exist in the long run
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- Describe several strategies that companies can use to remain competitive in the globa economy?A complete note on Market StructureLooking around your city, what businesses do you think come closest to the model of a perfectly competitive market? Explain why this is the case using correct economic terms and concepts.
- Explain how market competition affect the mark –up in price setting and the fraction of the marginal product that the firm retains as profitBased on what we know about entry and exit into competitive markets, what effect will this transition to growing marijuana have on the marijuana market as it adjusts over the longer-run horizon? Explain in detail based on a supply/demand model and competitive market dynamics.Suppose you run an independent trucking business. You own a tractor trailer for hire. You work with a broker who offers you business to transport various cargos from one location to another. You can choose to take a particular job at the price offered or not. The broker works with many similar truckers. Now suppose that the economy improves as U.S. manufacturers produce more output. What impact will this have on the independent trucking industry in the short run, in terms of the market price, output of an individual firm, and market equilibrium quantity? What impact will this have on the firm’s profits? What impact will the increase in manufacturing output have in the long run on each of these variables?
- The table represents the demand (quantity at each price) for and the total cost to produce a firms product. Complete the last three columns of the table above. a. Based upon the data in your table, how many products will the firm produce and at what price will it sell it product to maximize profit? Will the firm make an economic profit? If so, how much? b. In what type of market structure does this firm participate? How did you decide this?There are 38 nearly identical ABC stores within a one-mile radius in Waikiki. The combined size of these 38 stores allows ABC to offer large quantities at favorable prices. a. ABC gained market power through economies of scale government protection control of an important input . b. ABC’s market power does does not guarantee that the firm makes an economic profit.Market structure consists of different kinds of markets where type of market has its own characteristics. Define and explain each type of market along with their respective characteristics. Support your discussion by putting suitable examples for each sub division of market.
- Choose any business. If you worked for that business, what major factors would stimulate the demand for the products that this firm is selling?There are various market kinds in the market structure where each type of market has its own characteristics. Explain all types of markets along with their respective characteristics. Support your explanation with the help of suitable examples for each sub division of market accordingly.Elementary textile production was found in several locations throughout Africa. Select two accurate statements about this budding proto-industry. ㅁㅁㅁ Archeological findings provide evidence that West Africa had a long tradition of professionally organized production of cotton cloth. Madagascar is known for its early silk production. Incomes from the Nubian gold mines were used to pay for the establishment of local textile weavers. In the 12th century, Great Zimbabwe became a leading textile producer.
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