Answer:
Advantage: Absence of Red Tape.
Advantage: Freedom to Innovate.
Advantage: Customers Drive Choices.
Disadvantage: Limited Product Ranges.
Disadvantage: Dangers of Profit Motive.
Disadvantage: Market Failures
Explanation:
hope it helped some :)
Answer:
Option (D) is correct.
Explanation:
We know that there is a inverse relationship between the price of a good and its quantity demanded.
Relative inelastic demand refers to the demand where percentage change in the quantity demanded is relatively smaller than the percentage change in price of the good.
Relative inelastic demand curve is a demand curve which is relatively steeper in shape but not perfectly inelastic or vertical.
Answer:
For chain stores, prices are uniform in all branches while for departmental stores, each department sets its own price. Chain stores sell similar goods while departmental stores deal with different line of goods.
Explanation:
Answer: quantity demanded for the good will increase (D)
Explanation:
Monopolistic competition is an imperfect competition where there are many producers that sell products that are differentiated from each another e.g through quality or branding.
In a monopolistic competitive market, firms maximizes profits when marginal revenue equals to the marginal cost. The demand curve of a monopolistic competitive market is downward sloping which means that as price reduces, the quantity demanded for the good will increase.