All categories

2 years ago

CHAPTER 8, TEST A

Business

1 answer:

Fynjy0 [20]2 years ago

5 0

The marking of the statements 1-18 as true or false is as follows:

1. True. The main similarity among the four market structures is the existence of buyers and sellers.

<h3>What are the four market structures?</h3>

The four market structures are:

Perfect competition
Monopolistic competition
Oligopoly
Monopoly.

They all have buyers and sellers, though, the number differs from one to the other.

2. True. In a perfectly competitive market, buyers and sellers have relevant information about prices, product quality, and sources of supply.

3. True. The stock market is an example of a perfectly competitive market.

4. True. If a perfectly competitive market doesn't satisfy all four characteristics 100 percent, then it is not a perfectly competitive market.

5. True. Profit attracts new firms into the perfectly competitive market.

6. False because there is no ease of entry into a monopolistic market.

7. False. It is not important to a monopolist to search out the best price through trial and error.

8. True. In some towns, cable television providers and trash collectors are monopolists.

9. False. Copyright is not required on medicine to protect a pharmaceutical company from competitors. But a patent is required because copyrights are for intellectual property rights.

10. False. Patents are usually granted for 20 years and not five years.

11. True. Barriers to entry limit potential competition.

12. True. Owning all of a scarce resource can allow a firm to operate as a monopoly without legal protection. This is regarded as a natural monopoly.

13. True. Antitrust laws are meant to control monopoly power and promote competition.

14. True. The Sherman Act prohibits anti-trust actions, which restrain trade.

15. True. A natural monopoly exists when a firm's product is made with resources provided by nature.

16. True. The U.S. Supreme Court decides some antitrust cases.

17. True. The term colluding refers to making secret agreements that reduce competition.

18. True. Taxi and limousine service in New York City is relatively inexpensive due to the ease of entry into that market.

Thus, the marking of statements 1-18 as true or false is completed.

Learn more about monopolies and anti-trust acts at brainly.com/question/8379521

You might be interested in

Use the following to answer the questions.

-BARSIC- [3]

Answer:

B. just-in-time

Explanation:

Just in time (JIT) is an inventory management approach that is used by companies that want to reduce their inventory costs and they purchase their materials in smaller quantities whenever their productive system needs them. The goal is to keep the lowest possible inventory levels.

3 0

3 years ago

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and ex

Tasya [4]

Answer:

B. False

Explanation:

Total Product offer is every aspect of a product which the customer evaluates before buying.

From strategic marketing viewpoint, the customer may evaluate the product on both the tangible and intangible attributes.

An example of this is the iPhone by Apple. On tangible level, the product itself, the packaging and others are tangible attributes that a customer may evaluate. On intangible level, the brand name, perceived benefits, convenience, purchase services, and many other factors are part of the iPhone as the intangible attributes that the customer will evaluate.

As a marketer, one should think and talk in the language of customers- let it be from either tangible or intangible point of view.

7 0

3 years ago

The Swivel Chair Company manufacturers a standard recliner. During February, the firm's Assembly Department started production o

ivanzaharov [21]

Answer:

54,000 chairs

Explanation:

The computation of the number of chairs at the beginning of the month is shown below:

Inventory at the beginning of the month = Units completed and transferred + ending inventory units - Units started

= 180,000 chairs + 21,000 chairs - 147,000 chairs

= 54,000 chairs

We simply applied the above formula to find out the inventory at the beginning of the month

7 0

3 years ago

Logano Driving School’s 2017 balance sheet showed net fixed assets of $2.4 million, and the 2018 balance sheet showed net fixed

mamaluj [8]

Answer:

The answer is: $1,219,000

Explanation:

The formula used to calculate Logano Driving School's net capital spending for the year is:

net fixed assets 2018 - net fixed assets 2017 + depreciation expense 2018

net capital spending = $3,300,000 - $2,400,000 + $319,000

net capital spending = $1,219,000

8 0

3 years ago

. "Place" decisions: A. may focus on the location of retail stores and wholesale facilities. B. may focus on the selection and u

beks73 [17]

Answer:

Explanation:

All of these choices are correct.

Place refers to the channels of distribution either through distribution/market channels and physical distribution. It is a vital part of the total marketing mix, it ensures that products are available to the appropriate markets, at the right proportion or quantity, at the best condition, appropriate time, anytime and at all times.

5 0

3 years ago