WGU C211 Objective Assessment Guide Exam Questions and Already graded Solutions and Assured Satisfactions 2024/2025
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Course
WGU C213 Accounting for Decision Makers
Institution
WGU C213 Accounting For Decision Makers
WGU C211 Objective Assessment Guide Exam Questions and Already graded Solutions and Assured Satisfactions 2024/2025
Market economy - Correct Answer Characterized by the "invisible hand" of market forces-all factors of production should be privately owned.
Command economy - Correct Answer ...
WGU C211 Objective Assessment
Guide Exam Questions and Already
graded Solutions and Assured
Satisfactions 2024/2025
Market economy - Correct Answer Characterized by the
"invisible hand" of market forces-all factors of production should
be privately owned.
Command economy - Correct Answer Defined by a government
taking all factors of production to be government-owned or state-
owned, & all supply, demand, & pricing are planned by the
government.
Mixed economy - Correct Answer An economy that has
elements of both a market economy & a command economy.
It boils down to the relative distribution of market forces versus
command forces.
What is an Indifference curve used for - Correct Answer A
curve that shows consumption bundles that give the consumer
the same level of satisfaction
(i.e. combinations of pizza & Pepsi with which the consumer is
equally satisfied.)
, Describe the basic distinctions between the market models with
respect to:
1. number of market participants
2. type of product being marketed
*ease of entry/exit into the market
*the prevalence of advertising/marketing - Correct Answer 1.
Monopoly (1 firm - cable tv)
Oligopoly (few firms - cigarettes)
*entry is difficult & advertising is a natural feature.
2. Monopolistic competition many firms, diff products (movies)
Perfect competition many firms, identical products (milk)
*entry is easy & spend very little on advertising.
What Fundamental truth realized when studying the behavior of
an oligopolistic firm within the context/model called "prisoner's
dilemma" - Correct Answer look for cooperative in the answer
self-interest makes it difficult for the oligopolists to maintain
cooperative outcome. Relentless logic of self-interest drives
participants toward the non-cooperative outcome, which is worse
for both parties.
Each oligopolist has an incentive to cheat. Just as self-interest
drives the prisoners in the prisoners' dilemma to confess, self-
interest makes it difficult for the oligopolists to maintain the
cooperative outcome with low production, high prices, &
monopoly profits.
How might an oligopolistic firm behave like a monopoly?
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