Answer:
The answer is B. standardized products
Explanation:
Monopolistic Competition has the following characteristics :
1. There large numbers of buyers and sellers
2. The products offered by sellers are close substitutes for the products offered by another seller.
3. The costs associated with entry and exit are low.
4. Sellers differentiate their products through advertising, branding etc.
Know that the most distinguishable factor in this market is product differentiation or standardized products.
The extent to which the seller is successful in product differentiation determines pricing power in the market.
The demand curve in this market is downward sloping i.e increase in price will lead to decrease in quantity demanded. This market is similar to perfectly competitive market.
The economic profit will fall to zero in the long run because the entry costs are not high.
Answer:
If the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to <u>rise and the equilibrium quantity to stay the same</u>.
Explanation:
Perfectly inelastic demand curve indicates the quantity demanded for the life-saving medicine remains the same or does not change in response to a change in price.
Since a part of the law of supply states that the lower the quantity supplied, the higher the price; a reduction in the supply of the life-saving medicine will increase its price.
The combining effect of the two above will lead to an increase in the equilibrium price while the equilibrium quantity will remain the same as it will not respond to the change in price.
The attached graph explains this more clearly. In the graph, the demand curve DD is used to represent the perfectly inelastic demand curve for the life-saving medicine. Therefore, the quantity remains at q no matter the changes, either increase or decrease, in price. Movement from the supply curve S1 to S2 indicates a reduction in supply of the life-saving medicine which causes an increase in the equilibrium price from Po to P1 while the equilibrium quantity stays at q.
This therefore shows that if the demand curve for a life-saving medicine is perfectly inelastic, then a reduction in supply will cause the equilibrium price to <u>rise and the equilibrium quantity to stay the same</u>.
Answer:
group purchasing organization (GPO)
Explanation:
A Group Policy Object (GPO) is set of standards that offer Active Directory (AD) manager granular permissions over objective configuration, involving accounts, operating systems, programs, as well as other AD items. GPOs are also used to control the Active Directory system centrally and to customize it. The interpretation of code parameters will also included in this.
A group purchasing organization (GPO) in United States is an organization created to exploit a group of companies ' buying power to receive discounts from suppliers based on the mutual purchase power of GPO members '
The determinants of the supply of a good are any factors other than the product's price that cause the supply curve of the good to shift.
<h3>What is supply curve?</h3>
The supply curve can be regarded as graphic representation which is used in showing the relationship that exist between between the cost of a good or service and quantity supplied.
However , the price is seen at the left vertical axis, of the curve and product's price that cause the supply curve of the good to shift.
Learn more about supply at; brainly.com/question/25308213
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