World of Business module 5- Competition & Monopoly Exam With 100% Correct Answers 2024

World of Business module 5- Competition & Monopoly Exam With 100% Correct Answers 2024 just price - answerthe myth of the just price is laissez-faire, natural, moral, and biblical Vance- "the concept of the just price is the basis of a great deal of erroneous economic though that permeates our supposedly free market, capitalistic society" (a fallacious way of thinking, based on nebulous concepts of fairness, has attributed religious overtones, when there shouldn't be) what best supports Thomas Aquinas's view of a just price? - answerprice should represent the true value of a good market price - answerVance Believes that just price=market price "in the absence of fraud any price agreed upon between a willing buyer and a willing seller is the just price" competition - answer-critical element of free markets -self interest, gain market share, contributes to innovation tendency to merge, collude - answer-occurs when firms conspire to set the quantity they produce or the prices they charge -is largely illegal in the US, Canada and most of the EU due to competition/antitrust law price discrimination - answera situation where a firm charges different prices to different customers for the same product or service -requires the firm to have some market power to raise or lower prices to some customers (different price elasticity of demand among customers) -consumers cant resell product to others -EX: different prices for airline travel for the same trip surge pricing - answerUber's market has large fluctuations in demand and variable supply of drivers- when demand is high, uber rises the price to get more drivers to meet the demand predatory pricing - answera price strategy in which a product or service is set at a very low price with the intention to attract new customers, drive competition out of the market, create barriers to entry for potential new competitors (anticom