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1 year ago

If a firm in a purely competitive market can differentiate its product or service, it becomes part of a(n) ________ market.

1 answer:

5 0

If a firm in a purely competitive market can differentiate its product or service, it becomes part of a monopolistic competition market.

Monopolistic competition is a type of imperfect competition in which many manufacturers compete with each other, but sell different products, so they are not perfect substitutes.

These sellers can calculate their prices based on the uniqueness of the products they are offering, so you cannot compete on price. Also, this company that

has full control or is trying to have full control of something, especially has areas of business that no one else is involved with. She didn't think the fines would be a sufficient deterrent to monopoly practices by large manufacturers. The company has been accused of monopolistic conduct.

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When demonstrating 2022 maxima’s confident cornering, what should you point out?

jarptica [38.1K]

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2 years ago

If cost of goods sold under FIFO was $8,000 and was $10,000 under LIFO, assuming a tax rate of 40%, how much tax savings resulte

Inessa05 [86]

Answer:

$800

Explanation:

The computation of the tax saving from using LIFO is shown below:

= Cost of goods sold under LIFO × tax rate - Cost of goods sold under FIFO × tax rate

= $10,000 × 40% - $8,000 × 40%

= $4,000 - $3,200

= $800

By applying the above formula, the tax saving resulted from using the LIFO is $800 and the same is to be considered

3 0

3 years ago

Which country use tax brackets as a part of their tax system

konstantin123 [22]

Canada, Australia, and South Africa use tax brackets.

8 0

3 years ago

Read 2 more answers

For each of the following scenarios, identify the number of firms present, the type of product, and the appropriate market model

marshall27 [118]

Answer:

Number of Firms - many

Type of Product - differentiated

Market Model - monopolistic competition

Number of Firms - many

Type of Product - standardised

Market Model - perfect competition

Number of Firms - few

Type of Product - standardised

Market Model - oligopoly

Number of Firms - one

Type of Product - unique

Market Model - monopoly

Explanation:

A perfect competition is characterized by many buyers and sellers of homogenous goods and services. Market prices are set by the forces of demand and supply. There are no barriers to entry or exit of firms into the industry. In the long run, firms earn zero economic profit. If in the short run firms are earning economic profit, in the long run firms would enter into the industry. This would drive economic profit to zero.

Also, if in the short run, firms are earning economic loss, in the long run, firms would exit the industry until economic profit falls to zero.

A monopolistic competition is when there are many firms selling differentiated products in an industry. A monopoly has characteristics of both a monopoly and a perfect competition. the demand curve is downward sloping. it sets the price for its goods and services.

An example of monopolistic competition are restaurants

A monopoly is when there is only one firm operating in an industry. there are usually high barriers to entry of firms. the demand curve is downward sloping. it sets the price for its goods and services.

An example of a monopoly is a utility company

An Oligopoly is when there are few large firms operating in an industry. While, a monopoly is when there is only one firm operating in an industry.

Oligopolies are characterised by:

price setting firms
profit maximisation
high barriers to entry or exit of firms
downward sloping demand curve

3 0

2 years ago

To be effective as a successful general manager of a hotel, the manager should exhibit all of the following traits except: Group

Masja [62]

Answer: The manager should exhibit all the traits except computer programming skills.

Explanation: A successful general manager or a manager that is striving to be successful will/should possess the following traits:

1. Attention to detail; this is a very important trait and could be the difference between keeping a client and losing one. This is because clients want to feel and be treated specially and uniquely. Therefore an attention to detail will help the manager ensure that each client is treated specifically and differently from the next client.

2. Follow through leadership: this trait is very important in order to maintain cohesion among the team members and subordinates.

3. People skills: this is a very important trait because it is very vital in person-to-person interactions, especially when interacting with hotel guests.

4. Effective delegation: one person cannot perform all the tasks in a hotel, therefore it falls on the general manager to be able to assign roles to individuals that are best suited to perform the tasks. This is a very important trait and will ensure that resources are properly utilized.

Computer programming skills is not a trait requires of a hotel general manager. This is because the role can be assigned to a computer programmer while the general manager faces other tasks that require his/her attention.

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3 years ago