All categories

3 years ago

When one group controls an industry or market by being the only provider, this is called _____.

1 answer:

6 0

When one group controls an industry or market by being the only provider, this is called MONOPOLY.

Mono - Greek monos means one or single
Poly - Greek polein means to sell.

Monopoly is a market where only one sells a certain good or service. In this type of market there is no competition thus the monopolist is not driven to improve his commodity because consumers have no other choice but to buy his product.

You might be interested in

Classical economists traditionally believed that:

murzikaleks [220]

One the concepts that economists believe in a classical economy are that "a change in money supply can affect GDP." To add up, a traditional economy mainly bases on original customs and traditions in their economic system, wherein among the common examples of these are rural farms.

4 0

2 years ago

Consider the following events:

zalisa [80]

Answer:

A fruitworm infestation ruins a large number of apple orchards in Washington state.

Explanation:

The fruitworm infestation would reduce supply. The supply curve would shift to the left as a result.

I hope my answer helps you

4 0

3 years ago

Cost, revenue, and profit are in dollars and x is the number of units. Suppose that the marginal revenue for a product is MR = 1

n200080 [17]

Answer:

Profit 6,130

Explanation:

MC = 30X + 4

when X=5

Cost to produce 5 units:

We will need to calcualte the MC for 1, 2 , 3, 4 and 5 units and then add them together

MC = 30(5) + 4 = 150 + 4 = 154

MC = 30(4) + 4 = 150 + 4 = 124

MC = 30(3) + 4 = 150 + 4 = 94

MC = 30(2) + 4 = 150 + 4 = 64

MC = 30(1) + 4 = 150 + 4 = 34

Total 470

Giving this, now anther way, more easy would be to use the Gauss method to a summatory:

$S=\frac{n\times(n+1)}{2}$

S to 5 from 1 of (30x+4) =

$30 \times \frac{5\times6}{2} +4 \times 5$

S = 470

Now we can continue:

Total Marginal cost 470 + Fixed Cost: 900 = 1370

MR = 1500 revenue for adding 1 unit

1500 x 5 = 7500 total revenue

total revenue - total cost = profit

7500 - 1370 = 6,130

3 0

2 years ago

Recent corporate scandals that have shaken the public's faith in business leadership have brought increased attention to what ar

Shalnov [3]

Answer:

correct option is B) Ethical leadership

Explanation:

solution

area of leadership is Ethical leadership

An ethical leader is who respect ethical belief and the value for dignity and rights of other

he always concerns with moral development and virtuous behaviour of others

and Ethical leader mantra is always doing the right things even it hurts

so here the correct answer is B) Ethical leadership

8 0

2 years ago

A fad shifts the demand curve for a toy to the right. When the fad ends, the demand curve will shift back to the left. How are t

NARA [144]

The shifts in the demand curve directly affect the demand for labor for the toy manufacturer which means the rightward shift in the demand curve requires more labor whereas the leftward shift requires less labor.

<h3>What do you mean by labor?</h3>

Labor also called human labor is the workforce who are engaged in the production of a product. The requirements of the labor totally depend on the demand for the product.

When the demand curve shifts toward the right that means the demand for the toys getting increases which leads to more requirements for human labor and when the demand curve moves towards the left, this means a decrease in demand for toys which results in lesser requirements for human labor. This shows a direct effect on the manufacturer of toys regarding the demand for labor.

Therefore, the changing of shifts will affect the manufacturer's demand for labor in a direct manner.

Learn more about the demand curve in the related link:

brainly.com/question/1915798

#SPJ1

8 0

1 year ago