PRIN.OF ECON.ACCESS CODE
2nd Edition
ISBN: 9780393691757
Author: Mateer
Publisher: NORTON
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Chapter 9, Problem 5QFR
To determine
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Choose any business. If you worked for that business, what major factors would stimulate the demand for the products that this firm is selling?
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PRIN.OF ECON.ACCESS CODE
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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.arrow_forwardIf you do not have a large market for your product or service, what should you do to be sure it retains its value? Make sure to scale your business and its cost to the size of your market. Identify other products or services that you could include alongside the original in order to increase market size. Consider ways to substantially change your product or service in order to increase your market size. Shelve your idea; perhaps the market will increase in future.arrow_forwardIs there perfect competition in the food delivery market? Why and How?arrow_forward
- Identify two products that have either (a) fallen sharply in price or (b) gotten significantly better without price increases. How did these changes come about? Describe how society benefits from this type of market competition.arrow_forwardLong-Term Competitiveness?arrow_forwardIn economics, an organization that produces a good or service is called a company. firm. business. All of the above are correct.arrow_forward
- 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?arrow_forwardWhat do you think are the most important competencies you must possess in order to be successful in running your chosen business?arrow_forwardBusiness markets have several characteristics that contrast sharply with those of consumer markets. Name and briefly characterize five of those contrasts.arrow_forward
- How do firms or business in a competitive market decide what prices are and how does the economy look like? What if they are all selling the same product?arrow_forwardWhy do economists believe that economic profit is the more accurate measure of a business success? Why is economic profit the superior method of determining a business success?arrow_forwardWhy would good quality second hand cars withdraw from the market? Use economic theory to discuss thisarrow_forward
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