An economy that has no interaction with other economies around the world is said to be closed and an open economy is one that freely interacts with other economies across the world.
<h3>What do you mean by open market?</h3>
A market that is open to competition has little to no restrictions on how businesses can operate. Tariffs, taxes, licensing requirements, subsidies, unionization, and any other laws or practices that obstruct free-market activity are not present in an open market.
<h3>What is a closed economy?</h3>
A nation with a closed economy is one that conducts no commerce or other financial transactions with any other nations. That indicates that neither imports nor exports enter the nation.
To know more about financial transactions, visit:
brainly.com/question/27501867
#SPJ4
Answer:
6%
Explanation:
Based on the equation of exchange, the inflation rate can be determined by taking the difference between the rate of wage growth and the rate of labor productivity. Therefore, in the question above, the inflation rate is 9% - 3% = 6%. This shows that a fast increase in the wage growth rate with a slow increase in the productivity rate will lead to inflation.
Answer:
d. Unlike monopolies and monopolistically competitive markets, oligopolies prices do not exceed their marginal revenues.
Explanation:
An oligopoly can be defined as a market formation where in a given sector of the economy there are only a small number of competing companies offering a product or service. Its structure is formed by imperfect competition (between monopoly and perfect competition).
The difference between monopoly and oligopoly is that the number of companies that the market has will set the price of products in an oligopoly market, whereas in the monopoly only one company dominates the market and therefore that company determines the price of the good, as it is a market without competition. Therefore, alternative D is the incorrect one.
Answer:
Consider the following paragraph I wrote
Explanation:
I think the firm focuses on the economic perspective in describing its competitive advantage. In the economic perspective, a firm focuses on how much economic value it creates through its competitive advantage.
In the company profile, Domino's focuses on how much economic value it creates for its sub-franchisees, franchisees and the parent company. It focuses more on the chain which creates economic value for the entire Domino's ecosystem consisting of the parent company, franchisees, and the sub-franchisees. So, I think the firm focuses on economic perspective in describing its competitive advantage.