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mezya [45]
4 years ago
3

True or false: the market for wheat does exhibit the two primary characteristics that define perfectly competitive markets.

Business
1 answer:
natali 33 [55]4 years ago
8 0
That statement is true
there is not many variation for a basic wheat, so they will pretty much sell the same thing (one characteristic of perfectly competitive markets)
There are also many buyers in the market and they are not dependent toward one single seller. This makes the sellers unable to control price according to their benefit (2nd characteristic)
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Name two expectations customers have that are part of the customer buying criteria.
bezimeni [28]

Price and awareness positioning are the right response.

BUYING CRITERIA AND IMPORTANCE ARE NOT THE SAME.

Most individuals will respond "safety" when asked what factor they consider most important when picking an airline. The same person won't say "safety" when you ask what factors they consider when buying a ticket because safety is taken for granted. Security is a given. A buyer's criterion could include a wide range of factors, including cost, delivery time, service accessibility, place of manufacture, etc. Additionally, you need to comprehend the relative importance that each criterion has in the industry. Although the quickness of delivery is given more importance than the low price, it may still be a factor.

to know more about buying criteria

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7 0
2 years ago
Renee contracts with Scott to pay him $25,000 for his work on Renee’s new album "Hip Pop." After Scott performs, they sign an ac
Misha Larkins [42]

Answer:

C) the accord or the original obligation.

Explanation:

Based on the scenario being described within the question it can be said that Scott can sue Renee on the accord or the original obligation. This is mainly due to the fact that Renee did not pay the newer arrangement within the three days, and therefore owes Scott the total amount of $25,000 as was agreed by both in the original contract, but since Scott also agreed on the $21,000 he can decide which he would want to sue for.

7 0
3 years ago
________ is a tool used to visually display how consumers perceive the position of products or brands in the market on different
Alexxandr [17]

Answer: A Perceptual Map

Explanation:

A Perceptual Map also known as a product positioning map is a pictorial representation of how consumers sees a product as it relates to their competitors in the market.

6 0
4 years ago
Proposed by Herbert A. Simon, __________ means that managers are limited in the extent to which they can use the classical model
djyliett [7]

Answer: bounded rationality

Explanation: Proposed by Herbert A. Simon, _____bounded rationality_____ means that managers are limited in the extent to which they can use the classical model of decision making, because they only have so much time and ability to process information.

In order words, Simon maintained that individuals do not seek to maximise their benefit from a particular course of action. This is because one cannot take in and process all the information that would be needed to maximize personal benefits, and that even if this was tenable, our minds would not be capable of processing it properly. In summary, the human mind necessarily restricts itself—bounded rationality.

7 0
3 years ago
The profit maximizing behavior of a monopoly is different from that of a perfectly competitive firm in that a monopoly can Quest
Lelechka [254]

Answer:

D) control the desired price and output to maximize profits, but a perfectly competitive firm can only choose the desired output.

Explanation:

Firms competing in perfectly competitive markets are price takers, meaning that they cannot set the price of their products or services, but monopolists can actually set the price of their products or services because their market power is high enough to do so. Also, a monopolist can choose to lower or increase its output depending on the resulting profits.

This excessive market power is the reason why natural monopolies are usually regulated by the governments and many monopolistic firms are forced to split into smaller firms that compete against each other.

7 0
3 years ago
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