Answer and Explanation:
The Perfect competition is a market condition in which there are very large number of buyers and sellers that sell the same or identical products having perfect knowledge with respect to products and services. Moreover, there is free entry and exit in this market
Monopolistic competition is a market condition that deals with many firms that are closely related to each other but sell differentiated products. Moreover, there is free entry and exit in this market
In the monopoly market, there is only one seller who controls the overall market. Due to this, the seller charged the high price as there is no competition. There is no free entry and exit in this market
In the oligopoly market, there are few sellers who deal in a single market. There is no free entry and exit in this market
Based on the above explanation, the categorization is shown below:
<u>Scenario Number of Firms Type of Model</u>
<u> Product Market </u>
1. Many Differentiated product Monopolistic
2. Many Standardised products Perfect
Competition
3. Few Differentiated products Oligopoly
4. One Unique Monopoly
Answer:
Rational Choice Theory
Explanation:
The philosophy of rational choice is predicated on the idea of optimizing the human benefit for personality-interest.
In this Situation, Mike confused between nursing and other career options will studying, mike uses Rational Choice Theory , between better pay Options and long working hours.
This theory also reflects a high demand for human benefit over the good payoff.
The answer to the question above is Re-sellers. not to mention the question above stating that a firm sells goods that is purchased for a re-sale automatically refers to the Re-sellers. The Re-sellers can be a retailer that sells to the end users or sells to other business firms like the whole seller. basically the term Re-seller is a firm that who buys product lesser in the market and sells it with added value.
Answer: producers sector
Explanation:
Farmers, rancher, and so on are part of the producers sector of the food industry where they engage in the production of raw food, fiber, and other agricultural products or commodities. In the case of farmers, they work the land and/or keep livestock, especially on the farm. Ranchers operate large plots of land for raising cattle, sheep or other livestock.
other major sectors of the food industry would include: -Farm Service
, Processors
, and Marketers.
Answer:
A. Contradicted the Heckscher-Ohlin theory as the United States was relatively capital-abundant.
Explanation:
When Wassily Leontief tested the predictions of the Heckscher-Ohlin theory, he found that in 1947 the United States was exporting relatively labor-intensive goods and importing relatively capital-intensive goods. This finding: "Contradicted the Heckscher-Ohlin theory as the United States was relatively capital-abundant."
This is because Heckscher-Ohlin theory states that countries usually export commodities, and resources they have in excess, while in return, they import the commodities and resources they need.
However, given that the United States is a country that was relatively capital-abundant, Wassily Leontief's finding is considered to be a contradiction.