Substitutes in production - Study guides, Class notes & Summaries

Briefly explain whether a patent should be used to provide an incentive for investors? If your answer is positive, explain whether there should be any limits or conditions relating to same. correct answers Patents should provide an incentive for inventors, but they should be limited to genuinely new inventions and not extend forever. Briefly contrast the level that a monopolistically competitive firm will tend to produce at and the price it will charge with that of a perfectly competitive fir...

*Certified Distinction Grade Work* Contains and covers all aspect of Unit 1 Exploring Business Learning Aim A,B, and C with the highest quality: Contains every pass merit and distinction tasks: p1,p2,p3,p4,p5,p6,p7,m1,m2,m3,m4,m5,d1,d2,d3,d4 I will provide a detailed analysis of the steps involved in selling coursework, including the necessary preparations, marketing strategies, and legal considerations. By going in-depth, I aim to provide a comprehensive understanding of the selling process ...

ECON 101 Final Exam 2024 Questions and Answers Solved 100%;AMU Attempt 1 of 1 Written Apr 26, 2024 11:26 AM - Apr 26, 2024 11:37 AM Attempt Score 100 / 100 - 100 % Overall Grade (Highest Attempt) 100 / 100 - 100 % Question 1 6 / 6 points The representative firm in a purely competitive industry: Will always earn a profit in the short run May earn either an economic profit or a loss in the long run Will always earn an economic profit in the long run Will earn ...

BOSH 2nd Exam Questions & Answers 2024/2025 Engineering Controls - ANSWERSeliminate the hazard by considering safety and health provisions, substitution, modification of process/equipment, isolation, wet methods, and industrial ventilation. Proper design and planning - ANSWERSInitial consideration regarding safety and health aspects must be made in the planning and construction stage. Substitution/replacement of materials used - ANSWERSOne of the control methods is through substitutio...

Management 490 Theory Exam 2024 Questions and Answers. Business Model Canvas - a diagram of how a company creates value for itself and its customers- elevator pitch Business Model Canvas 2 - 1. Key Partners 2. Key Activities 3. Key Resources 4. Value Proposition 5. Channels 6. Relationship 7. Segment 8. Cost Structure 9. Revenue Streams Key Partners - Outsiders - Wholesalers - Suppliers - Manufactures Key Activities - production, problem solving, platform/network - Can you actua...

WPC 480 Final Exam Questions and Answers Latest Update 2023-2024 | 100% Verified. What is competitive advantage? - Superior performance relative to other competitors in the same industry or the industry average. How do you assess competitive advantage? - Compare firm performance to a benchmark. What is sustainable competitive advantage? - Outperforming competitors or the industry average over a prolonged period of time. What is competitive disadvantage? - Underperformance relative to other...

Which of the following best defines opportunity cost? CORRECT ANSWER It is the amount of one product that must be given up to produce an additional unit of another product Which of the following explains why a production possibilities curve is often represented as concave (bowed out) from the origin? CORRECT ANSWER Increasing opportunity costs Assume that consumers consider popcorn and pretzels to be substitutes. A significant decrease in the supply of popcorn will affect the pretzel marke...

MARK 3321 Final Exam with Complete Solutions Marketing Management Philosophies Four competing philosophies that stronly influence an organization's marketing processes. What are the four marketing management philosophies? Production, sales, market and societal. production orientation A philosophy that focuses on the internal capabilities of the firm rather than on the desires and need of the marketplace. Ex. furniture industry is infamous for diregarding their customers needs. ...

barriers to entry correct answers obstacles a firm may face while trying to enter a market or an industry supply-side economies of scale correct answers - Arise when a firm manufactures products in high volumes; the large volume results in a lower production cost - Lower cost deters entry since new firms won't be able to generate the same production scale at the time of entry demand-side economies of scale correct answers - Arise in situations where the buyers' willingness to pay for ...

A monopolistically competitive market is characterized by a. a single seller of a unique product that has few or no substitutes. b. very high barriers to entry. c. many small sellers selling a differentiated product. d. a few firms producing either differentiated or identical products correct answers c. many small sellers selling a differentiated product. Which of the following is the best example of a monopolistically competitive market? a. retail clothing stores b. corn c. el...