Oligopolies - Study guides, Class notes & Summaries

Which factors influence changes in consumer demand? Check all that apply. - ANSWER-elasticity clearance sales income Gross domestic product (GDP) is the value of goods and services produced in a country annually. It can best be described as measuring an economy's - ANSWER-total output. Which of these practices describe how producers in oligopolies generally try to create competition? Check all that apply. - ANSWER-by keeping prices low by offering promotions by advertising by cul...

WGU C432 Healthcare Management & Strategy Latest Graded A+ Business-Level Strategy The strategic scope and direction of strategic business units (SBUs). SBUs focus on specific product/service lines while under the umbrella of corporate direction. Corporate-Level Strategy The overall strategic scope and direction of a corporation. The primary function of corporate-level strategy is to allocate capital funds to SBUs and decide which businesses to enter or exit. Emergent-Strategy a patt...

PERSPECTIVES IN MACRO TEST RATED 100% CORRECT Camelot - ANSWER moderate inflation and great growth Wage-price Spiral - ANSWER accelerating inflation possibly caused by oligopolies and unions- continued strong growth Oil Crises - ANSWER Egypt and Syria invade Israel; after they lose, OPEC countries punish the west with high prices Oil Glut - ANSWER industrial economies shift from oil. non-OPEC countries increase output and OPEC countries begin to cheat Desert Storm - ANSWER Husse...

perfectly competitive market - ANSWER-Primary Goal: is all firms maximize profit Barriers to Entry or Exit: there are no barriers to entry or exist Market Composition: A large number of small firms Types of Goods: All firms produce a homogeneous or identical commodity. Like Agriculture Monopoly Competition - ANSWER-Primary Goals: All firms maximize profit Barriers to Entry or Exist: There are no barriers to entry or exit Market Composition: A large number of firms Types of Goods: All ...

ECON 315 FINAL Concepts Complete Verified Solutions Graded A+ 2023 Chapter 9: Basic assumptions of Oligopolies Oligopoly - Few firms in the market - The actions of one firm are considered by other firms when making decisions (Quantity of Output) Duopoly 2 firms Cournot Oligopoly In case of collusion, act as monopoly: MR = MC Stackelburg Oligopoly One firm leads the market and the others follow Chapter 10: Game Theory Game Theory if a strategy is always better regardless of ...

Suppose that the United States imposes a tariff on avocados imported from Mexico. What impact will this have on the price paid for avocados by United States citizens? The price will increase. Which of the following is a consequence of a country imposing a tariff on imported goods? The demand for foreign produced goods decreases. Suppose that the United States imposes a tariff on salt. What impact might this tariff have on the price for domestic consumers? Consumers will p...

In a competitive market, no single producer can influence the market price because - correct answer many other sellers are offering a product that is essentially identical If Bradley's Butcher Shop sells its product in a competitive market, then - correct answer Bradley's Butcher Shop's total revenue must be proportional to its quantity of output LML sells butter to a broker in Alber Lea, Minnesota. Because the ma...

PHI 445 Week 2 Quiz Question 1 Which of the following statements is a criticism of capitalism? It allows too much government intervention for the purpose of monitor businesses. Centralization is an ineffective way to structure the economy. It allows large and powerful businesses to lobby the government against consumer interests. Consumers have a difficult time taking advantage of return policies or suing for wrongdoing. Question 2 Antitrust acts such as the Sherman Antitrust...

PHI 445 Week 2 Quiz Question 1 Which of the following statements is a criticism of capitalism? It allows too much government intervention for the purpose of monitor businesses. Centralization is an ineffective way to structure the economy. It allows large and powerful businesses to lobby the government against consumer interests. Consumers have a difficult time taking advantage of return policies or suing for wrongdoing. Question 2 Antitrust acts such as the Sherman Antitrust...

Economics - Unit 1 Economics Fundamentals 100% Pass economics 1. the study of how individuals and nations make choices about ways to use scarce resources to fulfill their needs and wants 2. Social science that deals with the study of the production, consumption, distribution of goods and services and the transfer of wealth to obtain those goods and services. scarcity a situation in which unlimited wants exceed the limited resources available to fulfill those wants trade-offs giving up one thi...