Microeconomics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN: 9781305506893
Author: James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher: Cengage Learning
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Chapter 9, Problem 13CQ
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Describe the strong incentives of the firms in competitive market to serve the consumers’ interest.
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Microeconomics: Private and Public Choice (MindTap Course List)
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- In economics, an organization that produces a good or service is called a company. firm. business. All of the above are correct.arrow_forwardIn 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.arrow_forwardWhy are production and competitiveness important in today's economies?arrow_forward
- How do market concentration and market power relate to the principle of competition?arrow_forwardIn at least two paragraphs, tell the class what you've learned in Business 101 and how this will make you a better professional. Business 101 includes; basic and concept of business such as revenue,profit. basic and concepts of economic and business evironment. Basic marketing Business Planning Thanks.arrow_forwardHow do firms in a competitive market work?arrow_forward
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- 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 marketsarrow_forwardDoes segmentation increase profits?arrow_forwardPlease no written by hand and no image According to the Washington Post article The Downsides of Cheap Corn, farmers' 2014 crop revenues were down from prior years, despite very productive harvests all around the United States. Which of the statements is the explanation offered by the article for this apparent paradox? The costs of farming have increased faster than productivity, leading to higher crop yields but lower profits. An influx of farmers entering the agricultural market has led to fierce competition, driving down revenues. The increase in the supply of crops has decreased prices by a greater percentage than the percentage increase in quantity of sales. Consumer demand for agricultural crops such as corn, soybean, and wheat are at record lowsarrow_forward
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